Wills & Probate | Duties of an Executor
Article provided by Penn Chambers:
If you are the Executor of a Will, you are legally responsible for dealing with the deceased’s estate (i.e. their assets and liabilities) and carrying out the wishes detailed in the Will.
The process is complex, complete with its own jargon. If you make a mistake, you could end up owing money yourself, personally. It is therefore important to act carefully and keep detailed accounts of your movements.
What are the first steps?
Well, before you go any further… make sure you have registered the death (within 5 days, including weekends and bank holidays, in England and Wales). You will then receive the death certificate.
You will then need to find the Will itself, whilst also making sure it is the last Will the deceased made.
If there is no Will, then you need to take a different route, which will not be described in this particular article.
The Will may also set out the deceased’s funeral wishes, i.e. whether they wish to be buried or cremated, so it is important to find out if the deceased had any particular wishes before arranging the funeral – although please note that funeral wishes in a Will are not legally binding.
Finally, you will also need to tell important organisations, particularly the government, that the person has died. You may also want to inform places of work, landlords, credit card holders and so on.
What are the assets and liabilities?
Well, once you have dealt with the above, you need to work out how much the deceased’s estate actually is. This will then help work out what amount of tax is owed.
The assets will include, property, bank accounts, pensions, possessions, credit cards etc.
Once that has been identified, you will then be able to calculate the inheritance tax, although it is strongly advised that legal advice is taken to ensure that the correct figure has been calculated.
Inheritance tax must be paid no later than 6 months from the end of the month in which the deceased died, otherwise interest on the unpaid tax will be charged.
Applying for Grant of Probate
You will thereafter need to apply for Grant of Probate, along with submitting the relevant IHT forms.
The application for Grant of Probate can be made either online or by post, depending on the deceased’s circumstances, which will not be discussed here.
Finalising the estate
Finally, and once Grant of Probate has been received, you can then start collecting the money and property from the estate.
You must ensure that all liabilities are paid before distributing the estate, such as funeral expenses, loans, credit cards etc.
The Executor will need to prepare the final estate accounts which provides a summary of all of the assets, all of the liabilities, any income received during the administration period, and how the estate has been distributed.
Conclusion
This can be quite a difficult and lengthy process, especially given the current delays with third party companies due to the pandemic.
An estate cannot be rushed and you must ensure that everything takes place in the correct order, that you locate all assets and creditors, the correct amount of IHT is paid, and, finally, that the estate is distributed accordingly.
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
Contact Emma Aslett with your questions on 0207 183 4595.
ABOUT THE AUTHOR:
If you are looking for any Estate Planning advice including Wills, Probate, Tax, or Power of Attorney matters contact:
13 Austin Friars
London
Greater London
EC2N 2HE
comms@penngroup.co.uk
www.pennchambers.co.uk
This article "Wills & Probate | Duties of an Executor" is rated
Rate it:
Other Guest Posts:
» Before Making a Housing Disrepair Claim - /i
3 ...
» What Repairs Is My Landlord Liable For - Your landlord is responsible for ensuring any gas appliances are safe ...
» Top Tips When Dealing with a Rogue Landlord - They knowingly place tenants in poorly-maintained ...
» Peculiarities of legal job opportunities -
...
» Taylor Rose TTKW Fee Sharing - A fee share arrangement allows you to place focus on billing and business development ...
» Litigation Funding UK - So try and get a solicitor offering you both ...
» Seven Good Reasons to Make A Will Now - Your Will should be used to protect your partner from such an event ...
» Wills & Probate Duties of an Executor -
You must ensure that all liabilities are paid before distributing the estate ...
» Before Making a Housing Disrepair Claim - Be sure you have all the documents you need to show as proof ...
» What Repairs Is My Landlord Liable For - Additionally ...
» Top Tips When Dealing with a Rogue Landlord - Keeping a record of everything that happens within the property you are renting ...
» Peculiarities of legal job opportunities - Based on this point of view ...
» Alexander JLO Solicitors - Alexander JLO Solicitors is obviously a very popular firm /b amongst a huge population with plen ...
» www.redwoodcollections.com - Redwood Collections is a debt collection firm based in Croydon. On the 1to1Legal search function we ...
» Lawcommercial Trading Ltd - Usually when we write an article on a firm that handles conveyancing, people are often confused to s ...
» Hampson Hughes Solicitors - One of the founders of our own 1to1Legal Firm (Mike Beverley) actually started off as an accident in ...
» www.awhsolicitors.co.uk - The internet makes it much easier to find services you need such as legal advice. However with anyon ...
 leech.co.uk |
 blackstone-legal.com |
 thompsons-scotland.co.uk |
 murrayhay.co.uk |
 gloverpriest.com |
 jarmanssolicitors.co.uk |
 sbwlaw.co.uk |
 alfred-james.com |
| -- Add your Firm -- | |
The Search Bureau are a leading supplier of Conveyancing searches to solicitors across England and Wales. Using their industry leading platforms they are able to provide a whole host of services including case management, quoting tools and facial recognition I.D checks.
They offer conveyancing searches for both Residential and Commercial property transactions with online access for real-time monitoring.
Visit their website, or call 01628 260222.
» www.searchbureau.co.uk »
UK "pain in the neck culture" must end, says ABI - www.postonline.co.uk
Paralegal Career Is great Pick For Baby Boomer Profession Transitioners: Although this isn't always the case. this notion of "moving up" and working for a much more well-known law firm is prevalent in the profession. Potential customers may be turned down by law firms because doing so would conflict us ...
Find Local Attorneys, Law Firms, Information And Legal Services: In case you haven't done so already. it is worth your time to make a demonstration or two that deals with your area. Get the purpose of laws using the entire text of UK Acts and Statutory Instruments. updated daily. including Anno ...
In the US?
- Solicitors in Scotland
- Solicitors in England
- Solicitors in Greater London
- Solicitors in Wales
- Solicitors in Northern Ireland
Custom Search
This website uses cookies to personalise content/adverts, integrate social media functions, analyse our traffic, track votes, etc. Please check with third party application providers such as Facebook, Twitter, and Google for how they use your data. By using this website you consent to our use of cookies.