To act in the best interest of the estate:

All decisions need to be in the best interest of the whole estate, not for one beneficiary, or the executor, or his duty. 

This could also include paying all debt (within their power) to reduce any liability imposed onto the estate, in the form of late fee or fines. 

You are responsible for maintaining accurate records for all transactions going in and out of the estate. These records need to be up to date, available should the beneficiaries or another require them. 

The role involves the following tasks:

• Register the death with gov.uk.
• Locate the Will.
• Inform the department of work & pensions (DWP). 
  • The DWP could request a refund for any over-payment of pension payments. If the refund is requested after the funds from the estate have been distributed the executor, could be held liable.
•  Speak with the Bank to arrange payment for the funeral.
  • The bank may pay the funeral directors invoice, but could decline the invoice for the wake as they may consider this should be paid by the family.
• If a property is now empty, the home insurance policy will need to be changed to empty home insurance.
• Pay and collect any monies owing or due to the estate. 
  • This could mean going through bank statements and accounting for all outgoing and incomings.
• Applying for probate.
• Paying any tax due, including inheritance tax.
  • Inheritance tax is due sixth months after death. If this hasn’t been paid by then, HMRC will begin to add interest on the debt. To receive a grant of probate, at a minimum, a partial inheritance tax payment will need to be made. 

Can an executor change the Will?

An executor can’t change the Will. A deed of variation would be required with all beneficiaries in agreement. The executor does not have the power to do this solely, even if they are one of the beneficiaries. 

Do all executors need to act?

When a number of people have been appointed as executors, they all act together and they will all need to sign for all correspondence. If one of the appointed decides that they do not want to act as an executor, they can renunciate their power with His Majesty Courts & Tribunals (HMCTS). 

Is an executor liable for the estate?

The executor could be personally responsible for funds owed, if the executor does not correctly undertake their duties.

As an executor can I employ the help of a professional? 

Yes, as the executor you can ask a professional to act for you. The payment for this would come from the estate.