The job of executor is an important one. It involves dealing with the winding-up of someone’s estate once they have died and then distributing their assets in accordance with their Will. We take a look at what is involved and how to go about choosing someone to take on the job.

The role of an executor

When someone makes a Will, they choose one or more executors to entrust with their affairs following their death.

When the time comes, the executor will need to collect in and value the estate’s assets then make an application to the Probate Office for a Grant of Representation. If a Will was made, then the documentation giving them authorisation to deal with the deceased’s affairs is called a Grant of Probate.

In the event that no Will was left, then the person making the application for a Grant of Representation is called an administrator and the authorisation is known as Letters of Administration.

It is the executor’s (or administrator’s) job to sell or transfer all of the assets in the estate. This can be time-consuming if the deceased had numerous bank accounts, shareholdings, investment accounts and other financial holdings.

The executor is also responsible for clearing and selling or transferring any property that the deceased may have owned.

Once all of the assets have been collected in and sold or transferred, the executor will need to prepare full estate accounts detailing all assets, expenditure and payment of debts. The estate can then be distributed in accordance with the Will to the named beneficiaries.

Executor’s liability

An executor can have personal liability for any mistakes they make which cause a loss to the estate, even if these were genuine errors.

This could include a mistake in calculations, misunderstanding of an ambiguous Will, failing to record and properly account for all of the assets, not properly transferring a property, not paying off all of the deceased’s debts or making mistakes in the distribution of the estate, for example, by releasing funds too early or not recording part-payments.

How to choose your executor

Because of the onerous nature of the job of executor and the fact that it is often extremely time-consuming and can take many months, it is important to choose your executor very carefully.

As well as being someone you trust implicitly, it should be someone whom you are confident has the ability to deal with the extensive paperwork and the understanding not to make mistakes.

It is often advisable to choose someone younger than you, as they may be more likely to cope with the role when the time comes, which could be when you are very elderly.

You can choose between one and four executors. It is usually recommended that you choose two executors, or one plus a replacement, in case someone is unable or unwilling to act when the time comes.

It is also advisable to discuss the appointment with your chosen executors to ensure that they are happy to take on the role.

Professional help

If you do not have anyone who you believe could take on the role, then it is possible to appoint a professional executor. This is usually an experienced probate advocate who will be familiar with the process and who will have the time to devote to winding-up the estate with minimal delay.

It will also be open to your executor to appoint an advocate to deal with the administration on their behalf.

Contact us

Making a Will is important. It means that you can leave your estate to exactly who you want and that you can choose executors, trustees and guardians whom you trust. It could also help your family avoid damaging disputes following your death. For more information about the benefits of making a Will, read our article Eight reasons why it’s important to have a valid Will.

At Quinn Legal, we can advise you on all aspects of making a Will and help you ensure that put the right structure and the right executors in place.

If you would prefer to make an online Will, our Online Will Service can be accessed here.

For a no obligation initial consultation or to make an initial free enquiry, please call our team on 01624 665522, email us at email us: hello@quinnlegal.im or fill in our online enquiry form.

As the pandemic took hold, there was a dramatic increase in people making enquiries about having a Will drawn up. We take a look at why it is important to have a valid Will in place and why it’s essential to ensure that it is properly drafted and executed.

1. Leave your assets to whom you want

If you do not leave a Will, then your estate will pass under the Rules of Intestacy to your close family members, in a strict order. If there is a surviving spouse, they will usually inherit the bulk of the estate. Children may receive little or nothing, and step-children, cohabitees and friends will not inherit anything. For more information, see our articles about the Rules of Intestacy.

2. Making appointments

When you write your Will, you have the chance to choose the right people to take on responsibilities after your death. Your executors will have the job of winding up your estate and you may also wish to appoint trustees to look after any assets that you are leaving in trust. If you have children under the age of 18 or other dependent relatives, you can choose guardians to look after their interests. If you do not appoint anyone to care for them, then it will be down to the court to choose their guardians, and it may not select the people that you would have chosen.

3. Tax planning

In drawing up a Will, your advocate will take into account your financial situation and make recommendations about the best way to plan your estate to mitigate any tax liabilities there may be in respect of assets held in other jurisdictions outside of the Isle of Man.

4. Leaving a life interest

You can use your Will to leave someone a life interest in a property. This is useful if you would ultimately like your children to inherit your home, but you want your spouse to be able to live in it in the meantime. If the house was left to your spouse outright, then it could eventually be left to someone else or sold, with the money being used for care home fees or other expenses. By leaving a life interest, you can be sure that your children will be the ultimate beneficiaries.

5. Avoiding disagreements and legal challenges

A homemade Will often contains mistakes or ambiguities that mean it could be successfully challenged in the courts. This risks your estate being tied up in legal action for a long period and having your assets seriously depleted in defending any claims.

By having a Will professionally drafted, you substantially reduce the risk of your estate being involved in legal action. This also applies to estates that pass under the Rules of Intestacy, where some relatives may raise a challenge, believing that they should have been provided for.

6. Ensuring the Will is properly signed and witnessed

There is a set procedure that applies to the signing and witnessing of a Will. If this is not properly adhered to, the Will could be challenged and declared invalid.

7. Certifying that you have capacity

If you have a Will drafted by an experienced advocate, they will take the necessary steps to try and avoid any challenge over your mental capacity. If this is likely to be an issue, they will recommend that you obtain medical certification of your mental ability to execute a Will. They will also be able to testify as to your wellbeing and intentions when you instructed them to prepare the Will. A professional Will is less likely to be challenged on this basis than a homemade one.

8. Peace of mind

Having a valid and effective Will in place that will provide for your loved ones offers peace of mind. You can rest assured that your estate will pass as easily as possible to those whom you want to receive it and that the right people will take care of your children and your assets in the future.

Contact Us

At Quinn Legal, we can advise you on all aspects of making a Will and work with you to make sure that your assets are left in the way that you wish and by the most cost-efficient means.

For a no obligation initial consultation or to make an initial free enquiry, please call our team on 01624 665522, email us at email us: hello@quinnlegal.im or fill in our online enquiry form.