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I have been asked to be an Executor, what does that involve?
If you are asked to be somebody's executor, consider it carefully as it is a serious obligation. Being an executor means that when the person dies, you will be responisible for settling their estate. This involves collecting any monies due, settling any debts and settling the estate as set out in the Will.
Dale and Co. can advise if you are acting as an Executor, and can explain the role and the specific responsibilities as laid out in the Will.
What do I need to do if someone dies and I am executor?
The Probate Registry will issue a Grant of Probate.
Assets are frozen until the Grant of Representation (Grant of Probate or Letters of Administration) is issued.
The executor or administrator will then settle and administer the deceased's estate. When the estate enters administration, any money owed is collected, debts are settled and the estate is divided up among the beneficiaries. The Probate Registry will send out the Grant of Probate and the official, sealed copies. The estate administrator needs to ensure that enough copies are applied for in order to collect all of the deceased assets.
We can act as administrators for an estate, and can arrange the transfer or sale of property, inheritance tax, pensions, unclaimed assets and insurance policies as necessary. We are experienced in the administration of estates and can guide you through the process to complete the process as effectively as possible. We can assist if you need to go to court to resolve probate disputes.
What do I need to do if someone dies and I am executor?
The Probate Registry will issue a Grant of Probate.
Assets are frozen until the Grant of Representation (Grant of Probate or Letters of Administration) is issued.
The executor or administrator will then settle and administer the deceased's estate. When the estate enters administration, any money owed is collected, debts are settled and the estate is divided up among the beneficiaries. The Probate Registry will send out the Grant of Probate and the official, sealed copies. The estate administrator needs to ensure that enough copies are applied for in order to collect all of the deceased assets.
We can act as administrators for an estate, and can arrange the transfer or sale of property, inheritance tax, pensions, unclaimed assets and insurance policies as necessary. We are experienced in the administration of estates and can guide you through the process to complete the process as effectively as possible. We can assist if you need to go to court to resolve probate disputes.
The Probate Process
Probate is the process that appoints someone to deal with the estate of the deceased. If there is a Will, it is lodged with the Probate Registry and the person(s) named in the Will as Executor(s) will be granted Probate (the right to deal with the estate).
If there is no Will a suitable person, usually the closest relative, will apply to the Probate Registry for the right to administer the estate. The Probate Registry will then issue the Letters of Administration. The application for Letters of Administration may also require an Inland Revenue form to be filled out and the applicant will need to attend an interview with the Probate Registry.
PROBATE AND THE ADMINISTRATION OF ESTATES
Our charges will be calculated on the basis of the time spent dealing with your matter. An account will be rendered upon receipt of the Grant of Probate, thereafter at intervals of three months and finally upon the winding up of the Estate. In addition, if we act as an Executor there will be a charge of 0.75% of the value of any residence and 1.5% of the value of the gross estate less the residence. However, if we do not act as an Executor there will be a charge of 0.5% of the value of any residence and 1% of the value of the Estate less any residence.
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| I have been asked to be an Executor, what does that involve?
If you are asked to be somebody's executor, consider it carefully as it is a serious obligation. Being an executor means that when the person dies, you will be responisible for settling their estate.
Read More Appointing Executors
Executors can carry out the instructions in your Will. If your arrangements are simple, one executor will suffice, but it is a good idea to name two. If a child or trusts are involved, two executors are essential.
Read More Lasting Powers of Attorney and Trusts can ensure your future wishes will be carried out. We can act as your Attorney or Executor if you wish.
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