EXECUTORS ROLE - GRANT OF PROBATE
The executors role includes responsibility for distributing the deceased's estate according to the terms of the will. In order to perform this duty, the person named as executor must obtain a Grant of Probate which is a document issued by the Probate Registry that gives the executor legal authority to manage the deceased's assets. A testator can select someone to carry out the executors role by naming that person in their will. Executors can be a friend or family member, and they can also be professionals such as a solicitor, accountant or even a bank.
Instructing a solicitor can help to alleviate the burdensome responsibilities of the executors roll. A solicitor can act on your behalf and complete the extensive paperwork involved with probate. One of the most important benefits of working with a solicitor is minimising the possibility that an unhappy beneficiary will bring legal action against the executor.
Distributing inheritances to the beneficiaries is only one part of an executors roll. The work of an executor begins with collecting the deceased's assets, including selling property, liquidating shares and calling in the balance on bank accounts. Once all of the debts have been paid, then the remainder of the estate can be distributed to the beneficiaries. The appointed person must act with the utmost care when performing the executors roll. They hold a personal responsibility for ensuring that all taxes are paid and that the beneficiaries receive their inheritances.
The application process starts with the proposed executor performing an initial financial evaluation of the deceased's estate. The executor must calculate the value of the deceased's assets as well as assess any debts or taxes that must be paid. Only after this financial assessment has been made can the proposed executor apply to the Probate Registry for the Grant of Probate.
Also, the accounting of the deceased's assets must be provided to the Capital Taxes Office, the division responsible for determining whether inheritance tax is owed on an estate. Note that the Capital Taxes Office may contact the executor for additional information before approving the figures. Additionally, any changes in those figures require the executor to submit an amendment. The Capital Taxes Office must have accurate numbers in order to assess any liability to pay inheritance tax.
The executor must then appear before the Probate Registry to swear an affidavit containing the pertinent details about the deceased's death and estate. The original will must accompany the affidavit. After this information is received, the Probate Registry reviews the entire application and decides whether to issue the Grant of Probate.
Our solicitors specialise in the law of wills and probate. They offer in-depth knowledge of wills and probate law as well as extensive courtroom experience. Our lawyers can represent individuals in matters of contested wills as well as claims to the estate made by non-beneficiaries. Call our helpline or fill out the contact form for a free consultation. You will speak with one of our experienced solicitors at no charge and with no further obligation.