So you have been left as an Executor in a Will – what does that mean and what are the tasks required of you as an Executor?
Register the Death First
You will require several certified copies of the death certificate. You may need to provide copies of the death certificate to banks, pension providers and HMRC, therefore it is advisable to order six to ten copies when registering the death.
Locate and Value Everything
Before you start the application for a grant of probate you need to collate a list of all of the assets and liabilities left behind by the deceased. This can include items such as property, savings accounts, stocks and shares, retirement plans, loans and even open utility accounts. The value of all of the items listed must be correctly recorded as this will have a bearing on any Inheritance Tax that is due on the estate of the deceased.
Understand Your Legal Duties For more on Probate Leicester, take a look at https://beesandco.com/our-services/probate/leicester.
As the executor of a deceased individual’s estate, you are personally liable to manage the estate’s distribution according to the terms of the Will. uk/ukpga/1925/23/contents){rel=”nofollow”} and will need to pay off any debts before releasing any inheritance to beneficiaries. Probate Leicester is worth getting right.
Notify Creditors and HMRC
You need to inform creditors of the deceased’s passing, close any bank accounts, and inform HMRC of the deceased’s passing to settle their tax affairs. All of the deceased’s debts, including any outstanding loans or overdrafts, funeral expenses and tax must be settled in full before any inheritances are distributed to beneficiaries of the deceased.
Consider Local Professional Help
If you find that you are unable to deal with the administration of the estate because it is complicated in some way then it is best to get a solicitor to deal with probate for you.
Taking your new role seriously will hopefully save you a lot of problems later on.
