An Executor is an individual nominated to administer the legal affairs of a Testator (the person making the Will) after their death.
Executors carry a legal responsibility to fulfill their role in line with legislative requirements. Administering an estate can be an onerous and time consuming role and Executors must, therefore, be carefully chosen to ensure they have the skills and experience necessary to complete their duties correctly.
The duties of an Executor include:
- Paying the deceased’s funeral expenses
- Establishing whether probate is required and, if so, completing the appropriate legal paperwork
- Dealing with the relevant Probate Registry (which may include a personal interview)
- Valuing the estate
- Completing the relevant Inheritance Tax forms and liaising with the Inland Revenue
- Calculating whether Inheritance Tax is due using the appropriate legislation and considering available exemptions
- Obtaining the Grant of Probate (if required)
- Collecting the assets of the deceased
- Calculating and paying any tax due (considering the deceased’s income tax status)
- Preparing estate accounts which must be signed off by beneficiaries
- Distributing the estate in accordance with the deceased’s Last Will and Testament or the Laws of Intestacy
- Liaising with the Land Registry regarding the transfer of property
Executors without legal experience often require professional help and guidance on the process they are obliged to follow. Collective Legal Solutions assist many families dealing with testate or intestate estates, taking the burden of responsibility off their shoulders and allowing them to focus on coming to terms with the loss of a loved one.
Click here to discover how Collective Legal Solutions can help Executors perform their duties.