Dealing with more than one Executor during Probate
When you make your Will, you don’t have to appoint only one Executor. On the other hand, if you find yourself on a team of Executors, it may add extra work to the Probate process. Let’s find out more.
Often, when making a Will and deciding what will happen to their Estate when they die, a person will appoint more than one Executor. The Executors will usually be trusted friends or family members or a professional, such as a solicitor.
It can be advantageous to have more than one Executor administering your Will. It can help make sure the process runs smoothly and they can share the tasks and responsibilities. Sometimes, a person will nominate a professional to be an Executor, such as a solicitor.
If you are nominated as an Executor to a Will along with other people or professionals, when the person who nominated you dies, you have some options as to what happens next. You can:
Apply for the Grant of Probate and deal with the administration of the estate
Resign as Executor (renunciation)
Have Power Reserved to you.
Let’s look at these in more detail.
Applying for Grant of Probate
In an ideal world, all Executors will carry out the wishes of the deceased and apply for the Grant of Probate as a group. They will act together to deal with the administration of the estate (take care of the dead person’s Estate and other financial affairs). This could include but is not limited to:
Collecting any money or assets owed to the deceased person
Finalising taxes (inheritance tax and income tax)
Settling debts and expenses
Preparing Accounts
Distributing money and assets as inheritance to the beneficiaries
If any problems need to be solved, such as disputes between beneficiaries, or tying up financial loose ends, the Executors can work things out together. If they wish, they can instruct a professional, such as a probate solicitor, to help them.
However, if you are named as part of a team of Executors, you may not want to act as Executor, or it may be impractical for you to act as Executor. This is where the next two options come in.
Resign as Executor
If you do not wish to play a part in the administration of the Estate as an Executor, you can renounce your right to apply for the Grant of Probate. You can do this by asking your solicitor to draw up a Deed of Renunciation.
It’s important to note that you can only do this at the very start of the process – if you have taken part in the administration of the estate in any way, you cannot renounce part way through. On the other hand, once you have renounced your Executor role, it is usually final. So, think carefully before you renounce your position as an Executor? Is it really the best course of action?
If you are also named as a beneficiary in the Will, renouncing as Executor will not impact on your position as a beneficiary named in the Will unless the gift to you in the Will is subject to you acting as an Executor.
Have Power Reserved to you
Somewhere in between playing a full part in the administration of the Estate and renouncing your Executor’s role lies having Power Reserved to you.
When the Executors who will be administering the Estate apply for the Grant of Probate, they can state that there are Executors who are not applying, and that they have been served with a Notice of Power Reserved. This detail will then be included on the Grant of Probate.
This often happens when one of the Executors lives abroad and cannot be present to sign paperwork. Where it differs from full renunciation is that Executors with Power Reserved can choose to become involved in the Probate process further down the line.
Find out more from Couchman Hanson
Whatever your decision, you will find that the whole process is likely to run more smoothly if you involve a Probate solicitor from the start.
At Couchman Hanson, our solicitors genuinely care about getting the best outcome for you. We’re highly professional, with ‘city’ level talent and experience, but also friendly and welcoming. Everything we do fits with our values of integrity, honesty and authenticity.
Call 01428 774756 or email enquiries@couchmanhanson.co.uk
Please note, the above information is not an exhaustive explanation of the position and options for Executors. We recommend you speak to a Wills and Probate solicitor about the specific circumstances of your situation.