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Being named executor of a person’s estate signifies they trust you deeply and have confidence in your ability to carry out their wishes. That said, you may feel nervous about (or even burdened by) the responsibility.
While you may not need to deal with the person’s estate for many years, it is useful to understand exactly what the role of an executor entails.
Valuing the estate and applying for probate
When a person dies, the executor must apply for probate – the legal process through which you will manage the estate until it is distributed. But before you can apply for probate, the estate needs to be valued for Inheritance Tax (IHT) purposes.
Your role here is to:
- Value the estate with the help of relevant professionals (for example, estate agents, investment managers, and accountants)
- Pay the initial instalment of IHT (more on this below)
- Apply for probate as soon as possible
- Manage the assets as best you can until the grant of probate is issued.
Probate can take a long time to be granted; delays increased during the pandemic and have continued to affect processing times in recent years. In January 2025, a freedom of information request revealed that the number of cases taking more than 12 months to be granted rose by 134% in the three years prior. [1]
Paying debts and Inheritance Tax
Any debts – such as outstanding mortgages – must be settled from the estate’s assets, and as executor, you are responsible for arranging payment.
Although payment schedules vary between estates, in most cases, the executor must start paying IHT within six months of the date of death.
For smaller estates, the IHT may be paid in full. However, when an estate is large or very complex, IHT can be paid off in annual instalments over 10 years. Be aware that after the initial payment deadline has passed, the outstanding IHT begins to accrue interest at a rate of up to 8%. [2]
Managing the assets during the probate process
Once probate has been granted, you will be responsible for managing the assets in the deceased’s estate, according to instructions in their will.
These actions may include, but are not limited to:
- Selling the deceased’s properties
- Dealing with the deceased’s financial affairs, potentially aided by their accountant, wealth planner, or investment manager
- Making a life insurance claim (this can happen before probate in some cases)
- Reviewing trust arrangements with the support of the trustee(s)
- Liquidating shares.
Remember: you cannot make unilateral decisions. As the executor, your role is to act according to the wishes of the deceased as stipulated in their legally binding will. If the will is unclear, it is vital to take legal advice before you act.
Distributing the estate to beneficiaries
Once the probate process is complete, your role is to distribute the estate to the beneficiaries listed in the will.
The estate’s solicitor will be able to help with this. If there are trust arrangements in place, the trustee(s) will be required to manage and distribute these assets according to the terms of the trust.
Managing family relationships
Throughout this entire process – which can take years, especially for complicated or large estates – the executor will need to carefully manage the expectations of the deceased’s family. If beneficiaries are waiting for funds, they may contact you with questions about the expected time frame.
In some cases, those who feel the will is either unclear or unfair may choose to contest it legally. Will disputes are unfortunately becoming more common, with more than 11,000 applications to block probate recorded in 2024 compared to just over 7,000 in 2019. [3]
As executor, it is crucial to act with impartiality, using the deceased’s will as your guidepost for all decisions.
Read more: Giorgio Armani and the art of legacy planning
Benefit from bespoke wealth and investment guidance
Whether you have been named an executor or are searching for guidance regarding your own estate plan, the IPS team is here to support you.
Contact your relationship manager to discuss anything you have read here, or if you are yet to work with us, please email info@ipscap.com for more information.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The Financial Conduct Authority does not regulate estate planning, tax planning, trusts, or will writing. IPS Capital does not provide tax or legal advice.
Note that life insurance and financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Sources
[1] 17.01.2025 Probate delays surge – a 134% rise in year-long cases Today’s Wills and Probate
[2] 08.08.2025 Inheritance Tax thresholds and interest rates GOV.UK
[3] 08.08.2025 Contentious probate up by as much as 56% according to freedom of information request Today’s Wills and Probate
