The executor has authority from the county probate court to act in this role, but that doesn't necessarily mean that the executor has the final say on all decisions regarding the estate. In fact, they're are instead tasked with simply following the guidelines set forth by the will and other estate planning documents.
collecting all assets and money due to the estate of the person who has died (including property) paying any outstanding taxes and debts out of the estate. distributing the estate to the people who are named as beneficiaries in the will.
An executor of a Will can be granted permission to withhold money from a beneficiary for a variety of reasons. This authority is called 'reserving', and the executor reserves funds from their estate if they feel it is necessary.
The executor is responsible for paying out to all beneficiaries and must follow the instructions in the will.
Some times beneficiaries want to see more detailed documents such as a Deceased's bank statement or pension documentation. Strictly speaking a beneficiary has no entitlement as of right to such documentation and it is your discretion as Executor whether or not to disclose it.
Most times, an executor would take 8 to 12 months. But depending on the size and complexity of the estate, it may take up to 2 years or more to settle the estate.
Before probate is granted
In general, a will is a private document unless and until a grant of probate is issued. While the testator is still alive, with limited exceptions, nobody other than the testator is entitled to receive a copy of the will.
At some stage, the executors must inform the beneficiaries and indicate what they are entitled to receive as stated in the will. There is no hard and fast rule as to when executors must notify or contact beneficiaries of a will in the UK.
The executor has a duty to carry out their work in the best interests of the estate and the beneficiaries. If an executor breaches this duty, then they can be held personally liable for their mistakes, usually with a financial claim made against them, which can be substantial.
Before an estate can be distributed the executors have to pay off the debts first. That can include things like utility bills, any tax owed and the funeral costs. The next thing to be paid is the pecuniary legacies, which is gifts of specific amounts of money.
In other cases, it can be sensible for the Executors to make no payment until at least six months after the date of the grant. This is because there is a six month time limit under the Inheritance (Provision for Family and Dependents) Act 1975, which runs from the date of the grant of probate.
Once the Grant of Probate has been issued, Executors can distribute the estate following the instructions left in the Will. Before anything can be distributed the Executor must settle any outstanding debts. Once this has been done, whatever is left can be distributed to Beneficiaries.
1(1) the executor has the power, before obtaining probate, to contract to sell or convey any part of the deceased's estate. However, in practice, this course of action is not recommended as a purchaser cannot be forced to accept a conveyance until a grant of probate has been obtained.
If you believe the executor is not performing the duties of their role, you can make a claim against them. Their duties include collecting the deceased's assets and distributing them according to the will. You should consider making a claim against an executor if they've: Sold the deceased's property at a reduced value.
If the Solicitors are acting as professional Executors then the value factor charge will be 0.75% of the value of any residence and 1.5% of the balance of the gross value of the Estate.
An example of a conflict is where an Executor wishes to purchase a property from the deceased's estate. In this situation, to comply with his duties, an Executor must look out for the interests of the beneficiaries and achieve the best price for them.
Can an Executor of a Will sell property without all beneficiaries approving? In general, an Executor can sell property without the approval of all beneficiaries, but they have a legal duty to act in the best interests of all beneficiaries and to follow the instructions set out in the Will.
No, you cannot change an executor of a will after death. However, the executors named in a will may change in that they can refuse to act or 'renounce' their role and probate can be applied for by any remaining executors.
It is common practice (although again, not obligatory) to show a copy of the will to beneficiaries of the residuary estate (i.e. what is left once any debts have been paid and specific gifts have been made) but they are not automatically entitled to see the will, although they do have the right to know who the ...
If an executor or trustee takes assets, then in addition to paying it back, it would amount to a breach of trust and they would almost certainly be removed from their role. They would not be considered suitable to continue to act.
You must keep certain records after you value an estate. HM Revenue and Customs (HMRC) can ask to see your records up to 20 years after Inheritance Tax is paid. You must keep copies of any: will.
The executor must act in the best interests of the estate and all of the beneficiaries, and cannot act in their own interests if they are not the same as those of the estate and the beneficiaries. The executor's role is often referred to as a trustee or fiduciary role.
The majority of estates in England & Wales, though, are more complex than this. Typically it will take around 6 to 12 months for beneficiaries to start receiving their inheritance, but this varies depending on the complexity of the estate.
There is no set legal timeframe in England and Wales within which a beneficiary of a deceased's Estate must be notified. However, this should be done as soon as possible to prevent unnecessary stress and confusion between all parties.
This is usually when the amount of money in the account is below a certain threshold (usually £15,000-25,000). However, in many cases the only way to legally access money belonging to an estate is to administer that estate and apply for a Grant of Probate. This process is referred to as probate.