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.
The belongings of the person who has died have to be ‘released’ to pay debts, funeral expenses and taxes if applicable. Then the balance can be given to whoever is named in the Will. The process is known as ‘Probate’.
A valid Will usually names the person who oversees this, known as the ‘Executor’. This can be a friend, relative or professional person such as a Solicitor. Often two are appointed, one personal and one professional. Probate involves an application to the Court to release the funds, including savings accounts, of the person who has died.
This will also depend on:
Are there any liabilities or possible problems about being an 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.