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Being the Executor of a Will

What happens if you lose someone close to you and then find out you are named as the Executor of their Will? In short:

If you decide to act as Executor you are legally obliged to “sort through” that person’s estate and financial affairs (including applying for a grant of probate) or later a decedent as set out in their Will.

As an Executor you are both legally and personally accountable.

If you have been appointed to serve as an Executor for someone’s Will you have an important responsibility to track down the deceased’s assets as well as the individuals named in the Will. If you are appointed but don’t wish to act you can renounce or have it rejected.

It can be a lot of hard work. Fortunately, you are entitled, at the expense of the estate, to use a solicitor / Lawyer to guide you through the complicated probate process.

Tasks you will be responsible for

  • Obtaining a copy of the most recent Will
  • Collecting all of the deceased’s assets
  • Consulting with banks, savings and loans to find all accounts of the deceased
  • Paying valid claims against the estate
  • Paying any taxes that may be due. (Inheritance, income and capital gains)
  • Filing income tax returns for the deceased and the estate
  • Filing inheritance tax return
  • Preparing estate accounts
  • Pay any legal fees for the administration

We have a helpful factsheet to help guide you a little through this process. If you have any questions about what to do when someone dies, please contact us. Beacon Wealth Legal can help and guide you through the necessary processes.