Being named as an executor is a responsibility, not just a title. This article looks at everything an executor of a will needs to know before they start administering the estate.
Find The Will And Get Help If You Need It
Obtaining a copy of the will is the first step you must take. One of the things you should have discussed beforehand is that you will be aware of its location. You must then determine whether you can handle things on your own or if you need to get professional assistance.
You still have obligations as the executor regardless of what you select, but if you are unfamiliar with legal issues, you can seek the support and guidance you require from a solicitor or probate specialist.
Assets, Debts And Taxes
The deceased will likely have many assets, some of which might not be listed in the will. As the executor, you won’t have any power over things like life insurance policies or pensions because everything will have been set up when the accounts or policies were established. The same is true for assets like real estate in which a recipient is still alive. Nevertheless, you must be aware of these assets because they still constitute the entirety of the estate. As the executor, you will be responsible for handling any taxes that are incurred as a result of their creation and payout.
It will be your responsibility to pay all taxes and settle any outstanding debts. You will need to liquidate assets, such as a house or business, to ensure that all bills and taxes are paid if there are insufficient funds in the estate to cover these expenses.
Distributing The Estate
Any remaining assets can now be allocated to the beneficiaries in accordance with the terms of the will, after all obligations and taxes have been paid. You are responsible for ensuring that the terms of the will are followed.
You must also file the will with the court if you have chosen to handle the process alone. This can be a challenging process because it involves informing HMRC of the precise status of the estate and ensuring that the deceased did not transfer all or part of it within the seven years preceding their death. Taking care of Inheritance Tax may also be a consideration. Our Grant of Probate service can take that application on a fixed fee.
Contact Letter of Administration for professional will and probate advice on 020 3985 9555.