Typically, when someone makes their Will, they will choose a relative or friend to be their executor and usually, that person agrees. But do they really understand and appreciate their responsibilities?
As an executor, when someone close to you passes away, it is an emotional time but there are duties you will have to perform. If the deceased worked or lived overseas, it will be more complicated.
- registering the death
- dealing with the family
- finding the Will and getting copies
- arranging the funeral
- valuing the estate
- applying for probate
- managing and selling properties
- sorting out finances
- paying any Inheritance Tax
- settling debts and paying bills
- finding and dealing with assets
- tracing beneficiaries
- distributing the estate
- keeping accounts
There is a lot to do and, as the role is a legal one, every care must be taken to comply with legislation.
So make sure that whoever you choose as your executors are willing and will be able to act for you when the time comes.
Excelsior is available to help you with these difficult decisions and we welcome any queries or concerns you may have. Feel free to contact us.
Free advice is available by text or email.
+44 7939 578 631 email@example.com