Executor - What is an executor?

An executor is the person who is legally allowed to deal with a deceased person's estate, no one else is allowed to do anything with the estate unless you are an executor. The estate can include things like property, any savings in bank accounts, stocks and shares. The main part of a person's estate is usually the property they were living in, if they owned it.

Who can be an executor?

If a person has made a Will, they will usually state in the Will who they would like to be the 'Executor of the Will'. This is normally a close relative however it can be a friend or even a solicitor and they need to be over age 18. There can be up to four people acting as an executor at the same time however if you are choosing this many people to be your executor they need to act jointly so it might not be practical to appoint that many people. It is however a good idea to choose at least two executors just in case one of them passes away before you do. A good idea is to choose one executor as a close relative or friend and the other one as a professional for example an accountant or a solicitor. Professional executors can charge for this service however it is good to have someone who has specialist knowledge.

What does the executor do? - What are the executors main responsibilities?

To start off they will need to pay any inheritance tax due. They must also pay all of the debts and liabilities. It is important that the executors must carry out their duties thoroughly. If the deceased owned any property the executors need to obtain proper valuations, they need to make sure everything is paid off to do with the property, they need to complete and file all relevant documents for the court application for the grant of probate and finally make sure that the wishes from the person that has passed away have been carried out as set in the Will. You must 100% make sure that you trust the person you choose as your executor because they have many responsibilities. If your executor is good at paperwork and managing legal issues it would be incredibly helpful.

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Published on 29 April 2016

Source Trinity Sales Wakefield

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