Nearly a quarter (23%) of people have acted as an executor, but the majority felt unprepared for what the role involved, new research from Canada Life has revealed.
As many as one in six (16%) are ‘accidental executors’ – those who only discovered they had been named after the person passed away, meaning they had no opportunity to discuss the estate or their responsibilities in advance.
Those who acted as an executor spent around 40 hours on duties related to administering the estate, with 7% admitting they had spent over 100 hours handling the process.
When asked how prepared they felt when embarking on their duties, only a quarter (28%) reported knowing ‘exactly what to do’, compared to 54% who had a rough idea but had lots of gaps in their knowledge. One in seven (14%) said they felt completely out of their depth.
Canada Life said the emotional impacts of acting as an executor can be significant, with a quarter (25%) stating they felt stressed, anxious or overwhelmed, while 22% were worried about making a legal or financial mistake. Others reported trouble sleeping (12%), strained family relationships (11%), feeling physically run down (11%) and struggling to keep up at work (7%).
John Chew, tax, trusts and estate planning expert, said: “Acting as someone’s executor is a considerable responsibility carried out at one of the most difficult times in a person’s life.
“Our findings show many executors are going in with only a partial understanding of what is required which may be exacerbating the emotional and practical pressures reported.
“With pensions set to be included in inheritance tax calculations from April 2027, the role is set to become even more complex as executors are tasked with identifying a lifetime of pension arrangements to assess for an IHT liability.
“Families can make the process easier by naming executors early, discussing responsibilities openly with them and ensuring key documents and account information is organised and stored in a known location.”
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