Executors Duties

Executors Duties

If you're seeking information on Executors duties, it is likely that you've been named as an Executor of a will. The role of an executor and the responsibilities should not be under estimated, our fixed fee service can help you throughout this difficult time. Our service starts with a home consultation where together we will identify what needs to be carried out. We offer a fair pricing policy based upon the work required. Our contracts are clear and have no hidden small print. If you are unsure take time to read our independently verified testimonials.

Call us for a quote, instant help or impartial advice on020 3733 8201
 

Executors Responsibilities, Timeline and Deadlines

Dealing with an estate can cause untold stress, especially when complications arise, then the duties of an executor can be quite stressful. There are also various time-limits and deadlines that must be adhered to; an executor has 1 year to pay bills and debts associated with the estate or else they themselves can become liable. They can also become liable for any mistakes made.

If you need help we would be pleased to assist and we will offer you a guaranteed fixed fee before we start work. We can help an executors fulfill their duties, we will take care of an executors responsibilities.

Who Should I Name as Executor in my Will?

Unbiased, trustworthy, conscientious and meticulous are traits to look for in an Executor. It is also sensible to choose someone who is geographically close, making it easier for them to carry out their duties. If you are unable to choose a person we will be pleased to act for you. You will need specific wording for your Will and we will be happy to provide this free of charge. When choosing who will carry out their executor duties correctly it is also important to ensure you do not choose people who are like to argue. Arguments make it impossible for executors to carry out their responsibilities and will most likely make the role of the executor so difficult they will not wish to be involved and thus they will sign a deed of renunciation.

If you are looking to make a will and would like more advice on who to choose to fulfill the role of executor, contact IWC. As well as offering free will writing help, we have very reasonable rates for online wills or can visit you at your home.

I have been Named or Appointed as Administrator

In complex cases; if the will is likely to be contested or the deceased has assets abroad, it is always wise to seek legal help to fulfill your executor duties. For those named as an executor or appointed administrator; IWC provide a complete service, we can take care of all this on your behalf.

Fully Qualified Probate Practitioners - your work will be carried out by a full STEP member or Law degree qualified professionals.

Low Cost, Fixed fees - we'll agree the fee with you from the outset so you'll know exactly how much it will cost, we even operate a price promise guarantee.

Nothing to pay in advance - No upfront payment required, our fixed fee can be paid from the estate.

Free advice & No-Obligation Appointments - We have an advice line and offer no obligation appointments to discuss any aspect of estate administration. Call us, lines open until 10pm 7 days a week.

Call us for a quote, instant help or impartial advice on020 8150 2010

List of Executor Duties

Register the Death: Obtain copies of the Death Certificate, institutions that will require a certificate include Banks, Insurance Companies, and other organisations that hold any assets or funds that may need to be released, such as shares and other equities.

Obtain the Will: The executor of will should know of the whereabouts of the Original Will and must retrieve it in order to begin to carry out the deceased's wishes.

Funeral Arrangements: Before applying for probate and organising a funeral an executor should make enquiries as to the existence of any prepaid funeral plan. If there is one in force, they must make the appropriate arrangements.

Personal Representative's Bank Account: Executors duties involve opening a bank account to receive money due to the estate and pay inheritance tax, probate fees etc.

Inform all Relevant Persons: Banks, Building Societies, Insurance Companies, Employers, Local Authorities, Benefits Agency, Tax Authorities, DVLA, Passport Office, Private Health Schemes, Utility Companies, Mobile phone provider etc.

Valuation of the Estate: This could include the house, all of its contents, investments, stocks and shares, life policies and all other personal goods. A detailed schedule of all the deceased's assets should be drawn up.

Schedule of Debts: Executors duties include drawing up and schedule of debts that must be paid by the estate. This could include; Mortgages, Loans, Credit Cards, Hire Purchase Agreements, Household Bills, Taxes, and Overdrafts.

Complete the Required Paperwork: Forms required by the Inland Revenue to determine whether any inheritance tax is due, and the probate forms which need to be taken or sent to the probate office together with the original will and death certificate.

Swear the Papers: Provided the case is straightforward an appointment will be made with the Probate Office within 5 to 6 weeks of submitting the documents.

Deal with Inheritance Tax: If Inheritance Tax is due, the executors' account of the estate is passed to the Capital Taxes Office, probate cannot be granted until the tax is paid.

Distribute the Copies of the Grant of Probate: Once the grant has been issued, the executor now has legal authority over the estate. Executors duties involve distributing copies of the grant to persons who owe the estate money.

Distribute the Estate: The estate can now be divided according to the instructions left in the deceased's Will. It is part of the executors duties to keep accounts showing exactly what they have done. Thus, proving they have acted in accordance with the wishes of the deceased.

Safeguards: Publish the relevant Section 27 Notices. Even in situations where it is highly unlikely that a claim against the estate will be made, it is inadvisable to ignore the statutory safeguards that are available to protect the executor of a will from personal liability.

Store the Records: All paperwork, including the grant of probate should be stored securely for the minimum specified period.

It's easy to see why many people prefer to use the service of a professional to carry out their executors duties, at this difficult time. IWC offer a low cost guaranteed, fixed fee probateservice.

Call us for a quote, instant help or impartial advice on020 3733 8201



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