Understanding Your Duties as an Executor or Administrator

14 August 2024 | Wills, Trust & Probate |

What is your role as an Executor or Administrator?

As an Executor or Administrator, you have the job of winding up the deceased affairs and distributing the estate to their beneficiaries. At times when emotions can run high it can often be the case when disagreements arise.

As an executor, whether you are a beneficiary, you do have a duty to always act in the best interest of the Estate. You also need to understand all the steps involved in the administration process and the liabilities you will be taking on. They are not always what you may think. You may have to explain the process to any concerned beneficiaries, and they may query from you for example why you have not applied for the Grant of Probate or why they haven’t yet got any money.

You need to be able to help them understand the procedures you are following and be able to explain the reasons for the delays. You also need to be aware of what you can and what you cannot do. There are strict rules which prevent self-dealing. This means you cannot purchase assets from the estate yourself as there would be a conflict of interest and potential breach of your fiduciary duties which are not to exploit your position as Executor for any profit. A beneficiary could challenge such action and ask the Court to set a side such a purchase of an estate asset which you may make. By instructing an expert like Fishers, it can made possible to arrange and buy an asset, but there is a strict procedure to be followed for which legal advice should be obtained.

Understanding the Will

You also need to fully understand the content of the Will. If you are not sure or if it reads rather ambiguously, we wouldn’t advise you guess what certain clauses mean and instead instruct Fishers. Having the confidence of knowing exactly what the Will says is crucial in respect of the distribution of the deceased assets. If it’s not crystal clear to you, you could run into problems. Also, if you are a family member of the deceased, you may want to assume what the deceased wanted to happen, even if its not clearly spelt out in the Will.

As Executor or Administrator, you do have personal liability for any errors or omissions that you make and cause a loss to the estate. For example, HM Revenue and Customs can impose a penalty and you would be required to pay this out of your own personal funds and not from the Estate monies.

We always recommend that you ask for professional help even if you believe you may be able to deal with the estate yourself.  This can also reduce the time taken to wind up the estate.

Getting expert help

In addition, the process can be time consuming for a lay person who is likely to have other commitments.

You don’t have to take all this on yourself.  If you would like to speak with one of our Estate Administration experts, please contact Fishers on 01530 412167.