If you have been nominated as an executor in someone's Will this means that they want you to take care of their estate after they pass away. However, just because you have been nominated does not mean you have to carry out these duties. This article explains what to do if you have been nominated to be an executor but are not in a position to or do not wish to carry out the duties of an executor.
Duties of an Executor
Being an executor is a big responsibility. The executors will collect in, and administer the deceased person's estate according to the law. This means they will collect the assets, such as bank accounts, savings, and property and pay off the debts, such as taxes and bills. They will then distribute the estate to the beneficiaries named in the Will.
If there is any inheritance tax to be paid the Executors will have to work out what tax is owed and pay the tax bill within a time limit set out by the government.
Turning down the position of Executor prior to the death
If you are nominated to be an Executor you do not have to say yes. You can refuse this offer, but if you have already said yes and decide later that you no longer wish to be an executor then the best way to deal with this is before the death.
You should speak to the person who wants you to take care of their estate, let them know that you would rather not be an Executor. They can amend their Will and you can be taken off as an executor.
Turning down the position of Executor after the death - Deed of Renunciation
In some situations, you may not be aware of your status as an Executor or you may decide you don't want to or cannot be an executor until after the death.
In this situation you can still give up your rights as an Executor; to do so you will need to sign a Deed of Renunciation. A Deed of Renunciation is an official document that states that you will not have anything to do with the administration of the estate. Once it is signed you cannot be involved in the administration of the estate.
If you renounce your role as Executor you cannot appoint anyone else in your place. If there are other Executors then they will continue to administer the estate without you. If there are no other Executors then someone (a friend or relative usually) can apply to the Court to fulfil the role.
You can only sign a Deed of Renunciation before you do anything for or to the estate. If you do anything to or for the estate which could be considered as part of the Executors duties then you will not be able to stop being an Executor. You will be held liable for any mistakes you make when dealing with the estate.
If you decide you want to sign a Deed of Renunciation then we recommend getting a solicitor firm to draw one up. The bill can be paid by the estate.
Turning down the position of Executor after the death - Defer to other Executors
However, renouncing is not your only option. If you don't want to or cannot be an Executor and there are other Executors nominated then you can defer to the other Executors. Deferring allows them to proceed with administering the estate and stops you losing your right to intervene if you think it is needed.
In conclusion, you do not have to take up your duties as an Executor. It is easier to sort any issues out prior to the death, but if this is unavoidable then you can either renounce or defer. Both of these options should be acted on as soon as possible before you do anything with the estate.
