What is an Executor?

An Executor has a critical role in dealing with the estate of a person who has died because the Executor is responsible for managing all of the deceased’s affairs.

The Executor will usually ensure that all notifications are properly filed, that the Probate process is handled as smoothly as possible, and that the deceased’s estate is divided up in line with the instructions laid out in their Will.

Some people will appoint more than one Executor in their Will. In either case, choosing the right Executor is one of the most important parts of inheritance planning and this should be done with great care.

An Executor can be a trusted family member or friend, including someone set to inherit from the Will. An Executor can also be a third party like an accountant or solicitor.

An executor has many responsibilities and can claim some expenses as part of this role. They will need to find out or calculate the value of the Estate and make sure that taxes, outstanding debts, or other fees are paid from the Estate. They Will usually have to apply for Probate and ensure this process is followed properly.

The executor can pay any funeral costs out of the estate, though having a pre-paid funeral plan in place can help make this more affordable and far simpler at a time of grief. Above all, the executor needs to divide up the estate according to the Will and ensure that the whole process is transparent and accountable.

Most of us feel uncomfortable talking about what will happen when we die, but having a properly written Will in place with reliable, trustworthy executors can help remove a lot of stress and pressure from them when we’re no longer here.

Capital Life’s team is here to help you through this process and provide the support you need. Contact them today to find out more.