When an Estate Includes a Property: A Practical Guide for Executors

Being an executor comes with important personal responsibilities, and the role can feel even more complicated when property is involved.

A property is often one of the most valuable assets of an estate, and if you’re acting as an executor, you must make sure it is properly looked after until it is either sold or passed on to beneficiaries.

To help you get started, here are some key points to consider:

• Visit the property as soon as possible to check that all doors, windows and any outbuildings are secure. If you are concerned about unauthorised access, you should consider changing the locks.
• Contact the existing home insurance provider to notify them of the death. If the property is now unoccupied, check the insurer’s specific requirements to ensure the policy remains valid. This may include keeping the heating on, draining water systems during colder months, and carrying out regular inspections (often weekly). It can also be helpful to inform neighbours so they can keep an eye on the property.
• Carry out an initial review of the contents of the property and keep a clear record of what you find. This can assist with:
  • - Identifying assets and liabilities such as bank accounts, investments, insurance policies, pensions to assess the overall value of the estate for inheritance tax purposes;
  • - Identifying the utility providers;
  • - Finding out if there are any regular subscriptions which need to be cancelled;
  • - Arranging professional valuations of personal belongings; and
  • - Preparing estate accounts before distribution.
• Bear in mind that many insurers do not provide contents cover for unoccupied properties. If there are valuable items in the property, consider moving them to a secure location.
• Establish the market value of the property at the date of death (often referred to as the “probate value”). This can be obtained from local estate agents (often free of charge) or from a RICS-qualified surveyor (at a cost to the estate). A formal RICS valuation may be advisable where inheritance tax is payable, as:
  • - The probate value may be less likely to be queried by HM Revenue & Customs, which will avoid delays in concluding the administration of the estate; and
  • - It will assist with calculating any future capital gains tax payable if the property is sold.
  • - If the property has a garden, you might need to consider carrying out some maintenance or arrange for gardeners to assist.
• Contact utility providers to notify them of the death and to confirm whether any balances are outstanding or owed to the estate.
• Arrange for post to be redirected to an appropriate address – leaving unopened post inside the door at the property might be in breach of the terms of the insurance.
• Make suitable arrangements for the care of any pets.
• If the property is unregistered, locate the title deeds. If it is registered, obtain official copies from HM Land Registry to confirm ownership (for example, whether it is held as a sole owner, joint tenants or tenants in common).
• Notify any mortgage lender of the death.

If you are an executor, the role carries serious legal responsibilities and mistakes, including a lack of care and attention in relation to a property, can be costly. Don’t risk disputes, delays or personal responsibility. Taking expert legal advice at an early stage is something we always recommend, giving you clarity, confidence and peace of mind at every stage.

What to do next

If you would like to discuss an estate with us, please contact a member of the Private Client team who will be pleased to assist you.