Can I prepare to be the Executor of a loved one’s estate?

Being an Executor of a loved one’s estate is an important role that comes with a huge amount of responsibility. It is important to be aware of what an Executor does and what will be expected of you before you undertake to fulfil this role. 

Role of the Executor

Executors deal with the deceased person's estate (essentially all of the property). As an Executor, you are responsible for ensuring that your loved one’s estate is distributed according to their wishes. This is no easy feat and requires you to deal with many tasks, including tax issues, applying for Confirmation and, as previously mentioned, distributing your loved one’s estate. Although this can be daunting, there are some things that you can do to prepare.

Talk to your loved one

One important way to prepare to be an Executor of your loved one’s estate is by knowing what your loved one wants to happen when they are no longer here and their plan for their estate. 

A key part of the preparation here is knowing where your loved one keeps important documentation such as:

• Their Will
• Insurance policy documentation
• Any deeds they may have for property such as their home.

It will be a good idea to know if your loved one keeps these in their home, with their lawyers, or at the bank so that you can access them easily when needed.

Another way to prepare for your role as an Executor is to discuss any wishes your loved one has regarding their estate or funeral arrangements. It is a good idea to take note of these wishes.

Become familiar with your loved one’s estate

Since you will be dealing with your loved one’s estate as an Executor, an important part of preparing for your role is becoming familiar with what is in your loved one’s estate. 

You should find out and take note of what is owned in full or not by your loved one. This can include:

• Their home
• Vehicles
• Jewellery
• Bank Accounts
• Cash
• Investments
• Sentimental items

You should also enquire as to whether there are any standard securities over any property your loved one owns or if they have any other debts so that you can be fully aware of the situation.

It would be wise to ask your loved one to provide you with any passwords and usernames to online accounts so that you can access and deal with these when necessary. A lot of information is stored on online accounts, making this an essential part of preparing to be an Executor.

Keep up to date

Once you have a solid idea of what your loved one owns, where their important documentation is and what their wishes are regarding their estate and funeral arrangements, it is important to keep up to date with any changes in your loved one’s estate.

Your loved one could change their Will after you have seen it and before passing away. Ensuring you know where the most recent Will is kept and what changes your loved one has made to it will help you prepare more fully for your role.

You should also keep updated on what assets have left and entered your loved one’s estate. Examples include your loved one:

• Gifting another an asset
• Paying a debt
• Receiving a gift or pay-out
• Selling or using up an asset
• Gifting items to charity.

Whatever happens with your loved one’s estate, it is important to be aware of as it will likely increase or decrease their estate. This can have tax implications and potentially impact what is distributed to the beneficiaries of your loved one’s estate.

Contact our Power of Attorney Solicitors in Glasgow and Paisley, Scotland

Although the tasks above may sound intimidating, keeping relevant records and open communication with your loved one when you are asked to be their Executor is crucial to preparing for your role. 

The entire process is complex and it can be best to seek specialist legal advice to ensure that everything is done correctly. Our experienced Executry lawyers at Macnairs + Wilson have the skills to guide you through this troublesome process.

Call our Paisley branch 0141 887 5181 or our Glasgow branch 0141 551 8185 or click here to enquire.