You may well be a named executor of a Will, but do you really know what this means?
Maybe you were named many years ago and have forgotten all about it, agreed to being an executor of a Will without fully exploring what responsibilities it brings or someone named you in their Will without informing you.
Keep reading below to discover some of the main executor duties you’ll be expected to carry out.
- Establishing whether a Grant of Probate is required
One of your first duties as an executor of a Will is to work out if a Grant of Probate is required on the estate. If it is, you will need to work out how much the estate is worth less any debts that are due.
- Dealing with income tax, inheritance tax and capital gains tax
There aren’t many individuals who feel comfortable dealing with tax affairs, far less someone else’s whilst still trying to cope with bereavement.
Your executor duties could include filling in lots of paperwork concerning income tax, inheritance tax and capital gains tax, which can be a minefield if you have no prior experience of being an executor of a Will.
- Applying for a Grant of Probate
Once you have worked out how much inheritance tax is due on the estate, it will need to be paid before the Court will issue a Grant of Probate.
A Grant of Probate is an order of the Court which gives you the legal authority to deal with and administer the estate.
- Paying off any debts or liabilities the deceased had
Not everyone dies leaving money and assets behind for friends and loved ones. As the executor of a Will you may have to deal with complex debt issues and arrears which could go on for a number of months.
- Making sure all assets are correctly distributed as per the Will
Once all the debts on the estate have been paid you can begin to distribute the estate according to the Will.
Regardless of any personal wishes or feelings, you must correctly distribute the estate as per the deceased’s instructions laid out in their Will.
Failing to carry out your executor duties through malice or a simple mistake may see you being held financially responsible for any errors in carrying out the instructions of the legally binding Will.
Being the executor of a Will is no easy task that’s why it is always advisable to seek legal advice from a professional.
Author Bio: The Co-operative legal services provide help and advice on being an executor of a Will and can help to administer the estate should the appointed executor not wish to take on the role themselves.
PR Manager Corporate
0161 827 5614