If you have or will be appointed as an Executor under a Will, or the Administrator of an estate then it is a role that carries a considerable amount of responsibility and personal liability.
Executor and administrator responsibilities
Amongst a whole raft of tasks you will usually be obliged to undertake the following:
- Ensuring that all of the wishes detailed in the deceased’s Will are performed
- Find out and record all the assets and liabilities of the Estate
- Source valuations of the assets at the time of death whether they are solely or jointly owned. This will include any business assets too
- Make sure all appropriate insurance policies do not expire and renew where necessary. Failure to do so could leave the executors personally liable – This will include property and vehicle insurance
- Complete all necessary tax returns for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax
Complete and submit an application for the Grant of Probate or letters of Administration. This will require a personal interview at the Probate Court
- Seek confirmation from the tax office that the estate can be distributed
- Pay all the outstanding debts of the estate
- Prepare final accounts for the beneficiaries and distribute the Estate
- If any additional assets or liabilities are discovered after the Estate has been distributed the executors will still have to deal with these, even if it is many years afterwards.
As can be seen, there can be a considerable amount of work required and The Executor or Administrators’ liability to deal with matters relating to the estate can last for a number of years.
At Peasegoods we have the experience to deal with all of the issues that can occur whether or not there is a Will. We offer various levels of assistance. This can range from giving you help and advice on how to complete probate, inheritance tax and property transfer forms, to a complete probate or administration service whereby no interviews with the probate office or probate registry are necessary.
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