If you are an Executor then it means that the deceased had a Will, otherwise you would be an administrator and would have volunteered for the role. Executors are expected to complete the probate process for any estate that has an asset value of more than £5,000. There is a common assumption which generally holds true that if a person has gone to the trouble of creating a Will and appointing an Executor then they at least expected that they had some value to pass on making probate likely for most Wills. The reason anyone does probate is because the government wants to know if you owe them any taxes and the probate process is their last chance to get those taxes from your estate before your estate is distributed to new owners who have no liability for the debts. To get a more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

The part that is true is that the deceased will not be paying the debt. The bit that isn’t true is that the debt does not disappear, it just becomes owned by the deceased estate and the estate via the Executor has to pay the debt on their behalf. Starts with any tax that is due then banks and financial debts and flows from there, so long as there are funds to pay everyone all is good if there aren’t then the debt can become the responsibility of the Executor. To get a more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

In the majority of cases, it is fairly straight forward and obvious who gets what but unfortunately you still have to follow processes to make sure that the right people get the right amount of what they are expecting. In most cases assets such as houses, cars, boats, shares are turned into money before they are distributed.  It is this process that if rushed can sometimes reduce the funds achieved, there is a pre assumption in the market that everyone dealing with probate sales is under pressure to get the cash so buyers bid low hoping the seller will agree to save time. To get a more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

You do need to consider how well the person may have known the deceased and the potential impact on them if they are unaware of the deceased passing. The closer the person was to the deceased the more important it may be to visit in person to break the news. To get a more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

When contacting the companies concerned do you know what you are going to say to them? For example, when contacting the house insurance company, you may have to close down the current policy and start a new one as the house could now be empty and that presents a different risk under a different policy, which may well be in your name as Executor. You need to know what your options are before you approach each organisation as you will quickly learn not everyone is trying to help you regardless of what they say to you. To get a more detailed understanding, download our Executor Training course.

If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

More and more transactions in people’s lives are managed and conducted digitally, and this almost always involves some sort of password or security process to allow you access to the information that you need. Once you have a list of the digital involvement the deceased had, you will need access to the passwords. If you have engaged with them before passing you may be able to get access via a password manager (where all their passwords are listed) which sensibly they have given you the password to. If you don’t have this password information, then things are going to get tougher and much slower as you are going to have to contact each organisation via their bereavement team to establish what if any process you need to follow to open the digital asset. Unfortunately, not all organisations allow access to digital assets,  if you don’t have the password some data / assets / money / photos could be lost.

To get a more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

If you have not already discussed this with the deceased, you will need to locate all the financial documentation you can. This is one of many key roles of the Executor. A sensible place to start is with their bank statements (there may be more than one). It may be worth getting the statements for the last year from all accounts and credit cards as this will allow you to spot the regular payments that are made, be they annually, quarterly , monthly or weekly thus creating your list of people who you are going to need to contact to make then aware of the passing. To get a more detailed understanding, download our Executor Training course.

If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

If you are also a family member, then it is very likely that you will be expected to arrange the funeral in accordance with the instructions in the Will. Check if there is a prepaid funeral plan or insurance policy to cover the expenses of the funeral. Then consult with the key family members to agree the most suitable date for all in line with the available facilities. Be aware that almost everyone you encounter while arranging the funeral will require some sort of payment. Once the date, time and location have been agreed place notices in the local newspapers and the London Gazette. To get more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.

In fact, that is absolutely correct the Executor does oversee the security of the estate which includes houses, cars, businesses and any other asset of the deceased. This may include redirecting the post, so it doesn’t hang out of the letter box or pile up in sight of passers-by. It could include cutting grass or shrubs so that a property looks occupied or moving, washing or storing cars to protect them. To get the more detailed understanding, download our Executor Training course. If you are an Executor and want to know more follow me for more insights or just get in touch for a one to one.