EXECUTORS DUTIES – GRANT OF PROBATE
An executor is the individual appointed to carry out the directives contained in the decedent's will. Anyone can serve as an executor, including friends and family members. There are no special qualifications that must be met. The testator himself can name an executor in his will. An executors duties are often no small task. Managing an estate can be a complex, lengthy process carefully governed by the law. Non-lawyers appointed as executors will often times seek the assistance of an experienced solicitor who will carry out the executors duties on behalf of the appointed executor.
The executor's duties begin with valuing the decedent's estate, which includes determining what outstanding liabilities, such as unpaid taxes, must be paid. The valuation should include the decedent's bank account, liquid assets and property. Once he has completed the valuation, the executor must apply to the local registry for a grant of probate. The application must include a sworn affidavit detailing the decedent, including information about their death and estate. The last step is for the executor to determine the net value of the estate left to be distributed to the beneficiaries of the will. This information is also submitted in a document to the Capital Taxes Office.
Before the executor can begin distributing the decedent's assets, he must obtain a grant of probate, which vests him with the requisite legal authority to carry out his responsibilities. Both the law and the will itself dictate the responsibilities of an executor. An executors duties will vary depending on the nature of the estate. However, some common executors duties include selling real property and shares of stock. The executor may also have to liquidate assets in order to pay taxes or other debts. Once these duties have been fulfilled, the remainder of the estate is distributed to the beneficiaries according to the terms of the will.
Serving as the executor of a will is a tremendous responsibility. Executors duties must be performed with the utmost care and attention to detail. Executors carry a personal responsibility to ensure that taxes are paid and that the beneficiaries of the will receive the inheritance to which they are entitled. Because of the demanding nature of the role, executors often opt to instruct a solicitor to assist in fulfilling these duties.
Losing a loved one is a difficult experience. No one wants their family to be burdened with litigation on top of dealing with their grief. A solicitor can help you write a clear, thorough will that covers the contingencies that can derail your testamentary intentions. Wills must meet certain requirements in order to be valid. Your solicitor can ensure that all of the documents are properly executed. Also, solicitors can help you plan your estate so as to maximise all the tax benefits legally available to you.
Speak with an experienced solicitor today by filling out our contact form or phoning us our free helpline. You will receive free, confidential legal advice from a solicitor who specialises in wills and probate. There are absolutely no charges or further obligations.