What are my responsibilities as an Executor?
So you have been chosen to be someone's executor, now you are probably wondering what this means.
As an executor your job is to carry out the instructions set out in the Will. This may sound simple enough but this doesn't actually explain what needs to be done.
Let's look at some of your duties;
Secure all of the deceased assets and insure them
Find the Will - could be in the house, storage or at a relatives
Inform everyone of their death - this could be utility providers, financial advisers, etc.
Arrange the funeral
Obtain accurate valuations of all assets and any debts owed - this may include properties, investments and household bills to name a few
Complete the Inheritance Tax form and pay any tax owed
Apply for the Grant of Probate
Collect all assets in and pay any debts that are owed
Complete the Estate Accounts
Distribute the assets
As you can see the role of executor involves a lot of work, and this list is not inclusive of all the tasks which need completing, and responsibility. Complex Estates can take months or even years to complete.
It is also vital to know your Legal Responsibility has no time limit so it is vitally important to ensure all duties are carried out correctly otherwise you could end up with problems - such as footing the bill should you distribute the assets before settling any debts.
If you decide you need help navigating the complex world of Probate you can appoint a professional executor. Their expertise in this field enables them to take on the burden of administering the estate on your behalf whilst you still retain control.
If you need help with Probate why not contact us to find out how we can help.