Bring an executor of a will - how hard is it? Should I decline?

[waterandlemonjuice]

Both parents have asked me to be the executor of their wills.

I have siblings but I’m the oldest and most financially experienced.

What am I in for? And how hard is it? There are houses and pensions but probably nothing too complicated.

I could ask them to appoint a solicitor, so should I? Both are in ok health so really hoping I won’t be needed imminently.

*being that should say in the title, typo

This is what you need to do if you are an executor

www.gov.uk/wills-probate-inheritance?step-by-step-nav=4f1fe77d-f43b-4581-baf9-e2600e2a2b7a

This is the probate section

www.gov.uk/wills-probate-inheritance

If really no complex assets then it’s a waste of time and money involving a solicitor.
Have a look at the probate forms on the .gov website.

My BIL and I did these for my parents. He’s an accountant , I’m not. I could probably have done them alone.

If your parents are financially aware and happy to plan ahead I’d ask them to have a look at the forms and have a go at collating their assets now. Then pop it all safe. How ever many years down the line you can revisit it , but even if you don’t it’ll really help to have a basic list. Mum did this a few years ago “ by accident “ as my dad ended up needing care so had a soc services financial assessment. This basic list plus a reasonably ordered paperwork system meant it wasn’t tricky.

I executed my grandmothers will.

Simple estate, beneficeries all family

Had to apply for probate

No solicitor involved other than to counter sign some paperwork

No property involved.

Key thing that made a difference was that she kept meticulous records of what money was where with contact details and account numbers etc. Absolutely no idea how I’d have traced the money otherwise. Also meant I didn’t have to advertise for creditors.

Tax was a bit tricky...

If I had to do it again, I wouldn’t involve a solicitor this time round.

It’s not hard at all, I did it for my mum, there was a house, some savings and shares.

As Helen says, perhaps get them to make a list of assets and keep all paperwork in a given place, so that it makes the job easier.

I have a spreadsheet (well 4 sheets actually, one each), electronic but with paper copies in a file with the copies of our wills, and originals of the DC wills (young adults, have some inheritance, so made basic wills to pass it to each other).

Each lists what bank accounts that person has, shares, ISAs, pensions etc, plus details of our house, utility providers etc, employer details.

It will hopefully make life easier for whoever executes our wills, be it each other, the kids, or SIL if we all die together. Well it will if I ever get DH to completely fill his sheet in!

Sophie that spread sheet should be law! What a brilliant idea.

I was the executor of my dad's will, depending on the estate it's really not too difficult. Most went to my mum, there was some fun and games with some overseas property and very old shares, but a lot cheaper than getting a solicitor.

It helps that I'm an accountant, and that my dad kept pretty meticulous records of everything though - that was the biggest help. I'd also had a long discussion with him shortly before his death and went over everything with him.

There's loads of help and guides on the gov.uk website on all the forms you need for probate and inheritance
tax.

I did mum’s but I;d had financial POA for her for several years so knew exactly what there was and where it was and had all the passwords. It’s irritating - every organisation seems to want a different selection of forms and proofs, and DSIS and i were joint executors but live 200 miles apart so lots of stuff had to be posted backwards and forwards. But it was really really easy. Most helpful thing is getting lots of certified copies of death certificates and probate for all the different organisations.

Thank you everyone this is very helpful and reassuring- I’m sure I’ll be fine but good idea to ask them both to document things. And l hope I’m not needed for a long time. 🙂