Below, we highlight the most common pitfalls executors face and how to avoid them.
1. Failing to Understand the Legal Duties of an Executor
One of the first mistakes executors make is underestimating the breadth of their executor responsibilities. Executors are legally required to act in the best interests of the estate and its beneficiaries. This means collecting and safeguarding assets, applying for probate where necessary, paying debts and taxes, and distributing the estate according to the will or the rules of intestacy if no will exists.
Failing to carry out these duties properly can lead to claims against the executor. Seeking early legal advice from wills and probate solicitors ensures you understand your obligations and remain compliant.
2. Delaying the Probate Process
The probate process is often seen as daunting, but unnecessary delays can cause frustration for beneficiaries and complicate estate administration. Executors sometimes put off applying for probate or dealing with paperwork because they are unsure of the steps involved. However, delays may mean assets lose value, or debts and taxes build up.
Acting promptly and keeping beneficiaries informed is vital. If you’re unsure, a solicitor specialising in estate administration can guide you through the probate application and ensure the estate is managed efficiently.
3. Mismanaging Estate Finances
Executors are responsible for collecting all estate assets, including property, bank accounts, investments, and personal belongings. They must also pay debts, funeral expenses, and any inheritance tax due before distributing the estate. Common mistakes include overlooking hidden assets, failing to account for outstanding debts, or miscalculating tax liabilities.
Accurate record-keeping is essential. Executors should keep detailed accounts of all income, expenses, and distributions to beneficiaries.
4. Not Communicating With Beneficiaries
Estate administration often becomes stressful when beneficiaries feel left in the dark. Poor communication can quickly lead to mistrust, disputes, or even legal challenges. Executors should keep beneficiaries updated on progress, provide realistic timelines, and explain any delays in the process.
By being transparent and approachable, executors can reduce conflict and maintain harmony during what is often an emotional time.
5. Taking on Too Much Alone
Many executors underestimate the time and effort involved in administering an estate. Between gathering paperwork, valuing assets, managing property, and dealing with banks, the role can quickly become overwhelming - particularly if you are also grieving. Some executors try to handle everything themselves and inadvertently make errors.
Working with experienced wills and probate solicitors allows executors to delegate complex tasks, gain peace of mind, and ensure the estate is handled professionally.
Acting as an executor is a serious legal duty that carries significant responsibilities. From misunderstandings about legal duties to financial mismanagement and poor communication, errors can lead to costly disputes and delays.
By understanding the potential pitfalls and seeking timely legal advice on estate administration, executors can protect themselves, honour the wishes of the deceased, and provide beneficiaries with the clarity and fairness they deserve.
If you’ve been named as an executor and need guidance, Please contact Laura Redding, Head of Probate and Court of Protection or a member of our wills and probate team. We’ll support you through each stage of the probate process, ensuring the estate is managed efficiently, lawfully, and with compassion.