If you are an executor of a Will you may feel overwhelmed by the task at hand in administering the deceased’s affairs. If the deceased is also a close family member or friend, you will also be trying to process your grief and come to terms with your loss at the same time.
What are the responsibilities of an executor?
Executors are responsible for:
- Ascertaining the assets the deceased had;
- Collecting in those assets;
- Paying off any debts; and then
- Distributing the balance in accordance with the terms of the Will.
One of the most daunting tasks for some executors is calculating and paying the correct amount of inheritance tax, dealing with any capital gains, and identifying any income tax which is due during the period of estate administration.
Instructing a professional to carry out estate administration
In some circumstances, executors can be held personally liable for mistakes, bad decisions, or avoidable losses incurred by the estate. For some people, this responsibility is too much and therefore they choose to instruct professionals to carry out the estate administration for them.
Similarly, if you are an executor who is working full time, has a family to look after, and dealing with your own grief then you may choose to instruct professionals to guide you through the process and deal with the estate administration for you.
By instructing a professional, it ensures that:
- The necessary forms and documentation are correctly filled in and submitted;
- It protects the executors from any personal liability if they make any errors administrating the estate; and
- It ensures that the estate’s value is also protected.
How can we help?
Heidi Van Rooyen is an Associate in our Wills, Trusts and Probate team, specialising in Wills, administration of estates, Grants of Probate and Powers of Attorney.
At Nelsons, we can ease the burden for the executors by carrying out the whole estate administration for them. This can include:
- Contacting the institutions in which the deceased held assets to notify them of the death;
- Arranging valuations of any property and liaising with the estate agents regarding any offers received;
- Applying for a Grant of Probate if one is required;
- Calculating and paying the correct amount of inheritance tax, capital gains tax, and income tax during the period of estate administration (if there is any due);
- Encashing the deceased’s liquid assets and dealing with any property transfers; and
- Keeping the beneficiaries up to date and paying their inheritance to them at the appropriate time.
If you would like any advice in relation to the subjects discussed in this article, please contact Heidi or another member of the team in Derby, Leicester or Nottingham on 0800 024 1976 or via our online form.
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