2. The executor
An executor is a representative of the deceased; they must pay off any debts or taxes from the person’s estate and any remaining funds are then distributed to beneficiaries. An executor may be named in the will. If no one is named as executor, the solicitor or the sheriff clerk will arrange for the court to appoint an executor called an ‘executor dative’. They are usually the deceased’s surviving spouse or civil partner or another person entitled to inherit from the estate.
The executor’s role is to administer the estate until it is completed. They must:
•make an inventory of the deceased’s estate;
•‘ingather the estate’ (this means creating a list of all the deceased’s estate consisting of assets and liabilities and everything the deceased owned, less any debts due);
•pay inheritance tax if due (inheritance tax is payable if the estate exceeds the limit set by HMRC).1See
When reviewing a deceased person’s debts, the first step should be to work out what debts are left and what kind of debts they are. Papers and financial statements will need to be checked to compile a list of everything owed. If there is a guarantor for any debts, they remain responsible for any debt covered by the agreement if the estate does not pay it.