Legal News | 20.05.21
Have you been appointed as an Executor?
An executor is someone who has been appointed to administer a person’s estate by their Will. Executors have a duty to deal with the deceased’s property, possessions and money and to carry out the provisions of the deceased’s Will.
To establish the extent of the deceased’s estate, the executor must notify various institutions including government agencies, banks, utility companies, share registrars, insurance companies and pension providers.
The executors need to value the estate and some of this information will come from these institutions, in other cases valuations might need to be arranged (e.g. of property or some possessions).
The next step is to complete and submit the appropriate inheritance tax return to the Revenue, and to pay any inheritance tax as may be due. The inheritance tax calculation can be complex and we are here to help, not only with the basic calculation but also to ensure you are applying for all and any relevant reliefs, exemptions and allowances.
If a Grant of Probate is required, the executors must submit a grant application; again, this is something we can help you to do.
If an estate has not been administered correctly, the executors can be held personally liable for any claims brought against the estate.
Dealing with a bereavement can be an extremely upsetting time and the never-ending task list can be incredibly daunting. However, Wansbroughs can assist you with every step of the estate administration process and help relieve some of the legal headaches you may be facing.
If you have been appointed as an executor and would like some advice or assistance with the estate administration process, please get in touch with your usual contact or email us via wealth@wansboughs.com.
