The role of the Executor
It is important when drafting your Will to consider who you would like to appoint as your executor. Your executor is the person who is responsible for administering your estate, carrying out your wishes under the Will and protecting the assets of the estate when you pass away.
The executor's responsibility can be shared. It is common to appoint either one or two executors. It is possible to have more executors, however this can sometimes make it more complicated for decisions to be made regarding the estate. Where there is a sole executor the assistance of a solicitor may be required to advise the executor on how to deal with obligations and duties of the administration of the estate.
Executor's responsibilities
As the executor is the person responsible for the administration of the estate they will be responsible for collecting the deceased's assets and property for distribution to the beneficiaries in accordance with the Will.
The duties of the executor may involve:
- Overseeing the expenses of the funeral and administration;
- Notifying banks, insurers and other organisations of the death;
- Ascertaining and taking control of the assets;
- Obtaining valuations of property and assets where necessary.
- Identifying beneficiaries and their entitlements;
- Obtaining the Grant of Probate;
- Attending to payment of all estate liabilities, settling any disputes and paying income tax liability;
- Considering whether to delay the distribution of the estate for the six month period in which a claim may be made against the estate;
- Distributing the assets to beneficiaries;
- Investing funds or managing assets of the estate on behalf of the beneficiaries before distribution;
- Ensuring any property which is held in trust is kept in good repair, insured and rates and taxes paid;
- Preparing a financial statement setting out the assets of the estate and their distribution.
The executor is also required to keep detailed accounts and records of the administration of the estate.
A person appointed as the executor does not have to accept the responsibility. If there is no other executor named in the Will, it will be treated in the same way as if there was no Will or executor named. If there is no Will and therefore no executor of the estate, the court will appoint an Administrator to be responsible for finalising the deceased's affairs.
Process for executor in administering estate
The executor will need to apply to the Probate Registry of the Supreme Court for a Grant of Probate. The Grant of Probate shows that the Will is valid and that the executor has the right to administer the estate in accordance with the Will.
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