Glossary · UK
What is Executor?
The person named in a will who is legally responsible for administering a deceased person's estate and carrying out their wishes.
Full Definition
An executor is the individual (or firm) appointed in a will to administer the estate of someone who has died. Their duties include valuing assets and debts, applying for the grant of probate, paying any inheritance tax due, settling liabilities and distributing what remains to the beneficiaries named in the will. In the UK an executor can be a beneficiary, a family member, a solicitor or a professional. The role carries personal legal responsibility, so mistakes such as distributing assets before tax is paid can leave the executor liable. Inheritance tax must usually be paid before probate is granted, calculated against the nil-rate band of GBP 325,000 plus the residence nil-rate band of up to GBP 175,000, with 40% charged on the excess (or 36% where at least 10% of the estate is left to charity). Where there is no will, an administrator performs a similar role under intestacy rules.