Executor's Checklist: A Step-by-Step Guide to Administering an Estate
Being appointed as an executor is both an honour and a significant responsibility.
For many people, it is the first time they have dealt with probate or the administration of an estate. At a time when they are grieving the loss of a loved one, they are suddenly expected to deal with banks, HMRC, property, investments, legal paperwork and tax matters.
The good news is that estate administration follows a logical process. While every estate is different, most executors will follow the same key stages.
This executor's checklist explains what you need to do, when you need to do it and highlights some of the common pitfalls to avoid.
Quick Answer
If you have been appointed as an executor, your main responsibilities are to:
Register the death.
Locate the original Will.
Arrange the funeral (if necessary).
Secure the deceased's assets.
Notify banks, financial institutions and government departments.
Identify and value the estate.
Complete any Inheritance Tax requirements.
Apply for Probate if required.
Collect the estate assets.
Pay debts, expenses and taxes.
Prepare estate accounts.
Distribute the estate to the beneficiaries.
While these steps appear straightforward, each stage involves legal and financial responsibilities that should be carried out carefully.
Step 1 – Register the Death
The death should normally be registered within five days in England and Wales, unless it has been referred to the Coroner.
Once registered, obtain several certified copies of the death certificate. Many organisations will require sight of one before releasing information or dealing with the estate.
You should also ask whether the Tell Us Once service is available. This Government service notifies a number of central and local government departments, reducing the need to contact each one individually.
Step 2 – Locate the Original Will
The executor's authority comes from the Will.
Locate the original signed document and check:
Who has been appointed as executor.
Whether substitute executors have been named.
Who the beneficiaries are.
Whether there are any specific gifts or funeral wishes.
If no valid Will can be found, the estate will normally be administered under the intestacy rules and an administrator, rather than an executor, will deal with the estate.
Step 3 – Arrange the Funeral
Funeral arrangements are often made by close family members, but the executor is responsible for ensuring that reasonable funeral expenses are paid from the estate.
Many banks will release funds directly to the funeral director before Probate has been granted, provided they receive the funeral invoice.
Step 4 – Secure the Estate
Executors have a legal duty to protect estate assets.
Practical steps may include:
Securing the deceased's property.
Informing insurers if the property is unoccupied.
Redirecting post.
Removing valuables where appropriate.
Ensuring vehicles remain insured until sold or transferred.
Cancelling unnecessary subscriptions and memberships.
Vacant properties can be particularly vulnerable, so prompt action is important.
Step 5 – Notify Organisations
The executor should notify all organisations that the person has died.
This commonly includes:
Banks and building societies.
Investment providers.
Pension providers.
HMRC.
The Department for Work and Pensions.
Utility companies.
Insurance companies.
Credit card providers.
Mortgage lenders.
It is good practice to maintain a checklist recording who has been contacted and the date of notification.
Step 6 – Identify and Value the Estate
Before Probate can usually be obtained, the executor must establish the value of everything the deceased owned and owed.
Typical assets include:
Property.
Bank and building society accounts.
ISAs.
Shares and investments.
Premium Bonds.
Business interests.
Life insurance.
Personal possessions.
Liabilities may include:
Mortgages.
Loans.
Credit cards.
Household bills.
Care fees.
Outstanding tax.
Obtaining accurate valuations is essential, particularly where Inheritance Tax may be payable.
Step 7 – Deal with Inheritance Tax
One of the executor's most important responsibilities is establishing whether an Inheritance Tax return is required.
This may involve:
Calculating the gross and net value of the estate.
Considering available exemptions and reliefs.
Reviewing gifts made during the deceased's lifetime.
Preparing the appropriate HMRC forms.
Paying any Inheritance Tax that is due before Probate can be granted.
Although many estates do not pay Inheritance Tax, every executor should consider whether reporting obligations apply.
Step 8 – Apply for Probate
Not every estate requires Probate.
However, where assets cannot be released without it, the executor will need to apply for a Grant of Probate.
The Grant gives the executor the legal authority to deal with the deceased's assets.
The application should not be made until the estate has been valued and any Inheritance Tax requirements have been dealt with.
Step 9 – Collect the Estate Assets
Once Probate has been granted (where required), the executor can collect the assets.
This may involve:
Closing bank accounts.
Selling or transferring investments.
Collecting insurance proceeds.
Selling or transferring property.
Cashing in Premium Bonds.
Recovering money owed to the estate.
Accurate records should be kept of every receipt.
Step 10 – Pay Debts and Taxes
Before beneficiaries receive their inheritance, the executor must settle the estate's liabilities.
These commonly include:
Funeral expenses.
Utility bills.
Credit cards and loans.
Professional fees.
Outstanding Income Tax.
Capital Gains Tax arising during the administration period.
Remaining Inheritance Tax liabilities.
Paying beneficiaries too early is one of the most common and potentially costly mistakes an executor can make.
Step 11 – Prepare Estate Accounts
Estate accounts provide a complete record of the administration.
They normally include:
Assets at the date of death.
Money received.
Expenses paid.
Taxes paid.
Capital distributions.
Income received during administration.
The balance due to each beneficiary.
Well-prepared estate accounts provide transparency and help protect the executor should questions arise later.
Step 12 – Distribute the Estate
Once debts, expenses and taxes have been settled, the executor can distribute the estate in accordance with the Will.
This may involve:
Cash payments.
Property transfers.
Investment transfers.
Distribution of personal possessions.
Executors should obtain receipts from beneficiaries confirming they have received their entitlement.
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