Executors responsibilities - probate

G3org3th3Rabb1t

Please can members help me with a timeline and an idea of the legal responsibilities of the executors while we are waiting for probate (it has been applied for by a probate service, however, they will not be involved once probate granted).
There are executors who are also beneficiaries. How much transparency must there be between the executors regarding movement of funds and sale of assets, while waiting? 

Once probate is granted, what needs to be produced legally, by the executors? 

pjs493

I'm currently the executor of my husband's Will and awaiting Probate. I have used an excel spreadsheet to record all assets and debts; eg bank balances, credit card balances, mortgage balances, etc on date of death (as well as final balances if this differs), valuable assets, etc. My situation is somewhat simplified as I'm dealing with the estate of my spouse, but I still need to keep records in my role of executor in case anyone wants to look at the administration of the estate. I keep a record in my spreadsheet of all incoming and outgoing transactions for the administration period (my husband owned a flat that is rented out and I've paid off a few small bills such as a small credit card balance and an outstanding utility bill that was in my husband's sole name, some of his banks happily transferred small balances too). 

It might be a good idea for you to open a bank account just for the administration of the estate, if there is more than one executor they should all be holders of the account and any money due from closed bank accounts, money paid out to settle bills, etc can go through that account. Many banks offer an estate administration account and that is always a useful option to use to keep things separate. If there is more than one executor, some can choose to reserve their powers and allow one person to take the lead but will likely need to all sign some bits and pieces. It's worth talking over transactions and sales of items with all executors to ensure they are kept in the loop. It might not be necessary to mention a small incoming payment of say £100 from a closed bank account if that money transfers in the administration account, but all executors should probably get together to discuss the sale of a car for example, especially if it is an asset that a price could be negotiated on because all executors should all be in agreement to the final sale price

There is nothing wrong with executors being beneficiaries and that's actually quite common. Just keep a record of everything in case someone wants to look over the accounts at some point. That person could be a beneficiary, someone who thinks they should have been a beneficiary, HMRC, etc. Ensure you keep the records for the statutory time frame.