tate. This involves writing to all the relevant companies where the deceased held assets, and to whom the deceased owed money, utility companies etc. . The Executor must maintain correspondence with the various companies until assets can be released or debts can be settled. This can involve a large amount of correspondence and can be time consuming.
The Executor must also settle all debts and liabilities including the funeral costs.
Any errors made by the Executor must be rectified as quickly as possible. Executors are personally liable for any mistakes made.
Once the Estate has been distributed, the Executor is required to prepare Estate accounts to account for everything included in the Estate.
A few things to bear in mind:
- Where the deceased did not leave a Will, they are said to have died Intestate and their assets are distributed in accordance with the strict laws of Intestacy. This means that only close family members will inherit and if there are none, the Estate goes to the Crown.
- The person who administers the deceased’s estate where the deceased died Intestate is called an ‘Administrator. ’ Only close family members (if there are any) can generally apply to be Administrators and a strict pecking order for those who wish to apply must be followed. Note, relatives such as nieces and nephews are not in the list of those that can apply, however, they can, if their parent (sibling of the deceased) has died or renounces their right.
- If an Executor or an Administrator does not wish to act then they must renounce their right to do so and, if necessary, another will be appointed. This must be done by way of a formal Deed of Renunciation which must be sent to the Probate Registry.
- The deceased (before they die) should inform the Executor that he is being appointed Executor – it is good practice to discuss this beforehand so they know what to expect.
- An Executor is entitled to have his expenses paid out of the Estate so they should not be paying anything from their own pocket.
- The Executor should bear in mind that disgruntled beneficiaries or family members who have been left out of a Will have six months in which to contest the Will, from the date Probate was granted. The Executor therefore needs to be vigilant from the outset in the event of a potential claim.
- A solicitor can be appointed to assist with the probate process. The duties of an Executor are extensive so if you feel that you are struggling to deal with the Estate you should consider appointing a solicitor.