https://www.thegazette.co.uk/wills-and- ... ent/100321
What does the role of an executor entail?
The executor’s duties are defined by what is known as the executor’s oath. This is set out within Section 25 of the Administration of Estates Act 1925, and confirms that the executor is to:
Collect and get in the real and personal estate of the deceased, and administer it according to law.
When required to do so by the court, exhibit on oath in the court a full inventory of the estate, and when so required, render an account of the administration of the estate to the court.
When required to do so by the high court, deliver up the grant of probate or administration.
When you pass away, your property immediately vests in your executors. However, executors should generally not act until a grant of probate has been obtained, as this is when their authority to act becomes official.
Usually, a grant of probate will be needed when the value of the estate (after paying the funeral account) is over £5,000. In any event, many banks and building societies have their own discretionary limit as to when they require a grant of probate, and in most circumstances, it will be necessary and prudent to extract a grant.
Practically, the duties of an executor include:
checking and understanding the will
making funeral arrangements
completing an application for a grant of probate
arranging immediate funds for survivors
preparing a complete list of the deceased’s assets and liabilities, as well as their value, at time of death
arranging appropriate insurance
advertising for creditors in a local newspaper and The Gazette
paying inheritance, income and capital gains tax
collecting in assets
paying liabilities and expenses
distributing the residuary estate
preparing an estate account