If you are asked to be an executor in a Will or discover you are appointed as one, there are prescribed duties to be undertaken. Depending on the Will itself, it can be straightforward or in a complex Will, quite an undertaking and time-consuming. The solicitor acting for the deceased will render advice and guidance.
Put simply, the main function is to gather all the deceased’s assets and pay off their debts and then distribute the balance in accordance with the Will.
This is called the ‘administration of the estate.’ Normally, Wills will have more than one executor, so the functions to some extents are shared. While in some cases the beneficiaries will be easily identified, there will be cases where a beneficiary may be harder to find but nonetheless, all beneficiaries must be located.
If, for whatever reasons, you do not wish to be an executor, discuss this with the solicitor. In this circumstance, the other executor or executors will perform the role and you can renounce your position as executor.
The first step is to obtain a Grant of Probate and the solicitor will seek to extract this acting in consort with the Executors. This document is very important as it empowers banks, brokers etc to hand over assets to the Executor's solicitor and authorises a sale of the deceased's property by the Executors. They would refuse to do so unless there is a Grant of Probate. The solicitor will open an Executor's bank account to lodge any funds from the deceased’s assets.
To obtain the Grant of Probate, the executors must complete a tax form that sets out all the assets and liabilities of the deceased person.
Once all the required information is required for the Grant of Probate, it is submitted to the Probate Office. There is no set time for the processing of the grants, it can vary depending on the workload in the office and the complexity of the application, but an estimate would be six to eight weeks, but this can be expedited if a sale of the deceased's property has been agreed.
Some of the matters that an executor may have to deal with are:
If in any doubt about your role as an executor, ask your solicitor for advice.
Steen O'Reilly LLP Solicitors
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