Executors are the people nominated by the deceased to administer their estate in accordance with the terms of their Will. Beneficiaries are the people or causes who will inherit the deceased’s assets. Sometimes, the executor and sole beneficiary might be the same person. When this is the case, the first question often asked of our expert probate solicitors is ‘I am executor and sole beneficiary do I need probate?’
Here, our team of specialist probate solicitors explain when someone who is the executor and sole beneficiary needs probate and consider whether there are any circumstances in which they might be able to execute their duties without it.
Reach out to Birch & Co’s specialist and supportive team today. Call us on 0191 284 5030 or complete a Free Online Enquiry now to get a bespoke fixed price estimate.
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What Is An Executor?
When a person leaves a Will, they nominate individuals to distribute their assets in accordance with its terms. These people are known as ‘executors’. Executors must fulfil various tasks, including the following:
- Valuing the estate.
- Dealing with inheritance tax.
- Maintaining the estate’s value.
- Applying for probate where necessary.
- Distributing the estate between the beneficiaries.
Executors are under a legal duty to carry out their role with care and skill. They must act in the beneficiaries’ best interests and avoid doing anything that causes loss or injury to the estate.
What Is A Beneficiary?
A beneficiary is a person or a cause who has been left a gift by someone who has died. They might be left a specific item, such as a piece of jewellery, a specified sum of money, or a share of the estate’s assets that are left over after everything else has been paid.
Beneficiaries are often family members or friends of the deceased, but they can also be organisations, such as charities, that were close to the deceased’s heart.
What Is Probate?
Probate is the process of dealing with a deceased person’s estate, including valuing their assets, clearing any debts, and distributing what’s left between the beneficiaries. An executor’s authority comes from the Will itself, but a document known as a Grant of Probate confirms their rights.
Can An Executor Of A Will Also Be A Beneficiary?
Yes, it is perfectly legal for an executor of a Will to also be a beneficiary. In fact, it’s a fairly common occurrence. For example, a deceased person might leave everything to their spouse and at the same time nominate them to be the executor of the Will. However, they cannot have witnessed the signing of the Will.
If the executor is just one of a few beneficiaries under the Will, they must ensure they act in the best interests of all beneficiaries, not just themselves. If they don’t, they may breach their legal duties.
I Am Executor And Sole Beneficiary – Do I Need Probate?
The circumstances in which an executor needs probate are the same regardless of whether or not they are also a beneficiary of the Will. The purpose of the Grant of Probate is to satisfy third parties that the executor is entitled to deal with the deceased’s estate, so the executor will usually need to produce before they are allowed to access the assets.
Generally speaking, if the deceased’s estate comprises property, such as their home, the executor will require a Grant of Probate before they can deal with that property, for example, by selling it.
If the deceased held cash in bank or building society accounts, an executor will likely need to obtain a Grant of Probate before the financial institution will release the funds, unless they fall under the particular bank or building society’s probate threshold. The probate thresholds vary greatly, ranging from £5,000 to £50,000. You will need to check with the relevant bank or building society in your case to establish whether they’ll require sight of a Grant of Probate before agreeing to release the sums to you.
How Can We Help?
At Birch & Co, we have a team of outstanding solicitors dedicated to assisting clients with probate and estate administration matters. We understand that many clients visit us at a time of loss, and we go above and beyond to put them at ease, delivering our first-class legal advice with sensitivity and a personal touch.
We can provide as much or as little legal support as you need with your probate matter, from advising on a discreet issue such as an executor’s duties, to undertaking the entire estate administration process on your behalf.
Praised time and time again for our ‘professionalism’ and ‘friendly service’, you can be confident of receiving a second to none service at an affordable cost.
Reach out to Birch & Co’s specialist and supportive team today. Call us on 0191 284 5030 or complete a Free Online Enquiry now to get a bespoke fixed price estimate.
“I cannot fault the professionalism and helpfulness throughout what has been a difficult time. I would not hesitate to use your services again and would recommend you to others.” (Mrs Surtees)