Are you drafting your Will and need some help understanding what an Executor is to appoint the right person? Have you been asked to be someone’s Executor but don’t really understand what the position involves? In this first in the series of several posts about the duties of the Executor, we take a look at the main duties and explore two of those responsibilities in more depth.
The main duties that form the responsibilities of the Executor include:
- Registering the Death
- Obtaining copies of the Will
- Organising the Funeral
- Valuation of the Estate
- Taking responsibility for post and property of the deceased
- Applying for Probate
- Sorting out the finances of the deceased
- Reading the Will
- Paying inheritance tax
- Distributing the estate as per the Will
- Dealing with debt and assets
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Registering the Death
Registering the Death of the deceased isn’t always necessary, but if it hasn’t been done by anyone else, it is something that the Executor might have to do. It is not a legal requirement of the role, but if there is no one else to do it, then it will fall on the Executor’s shoulders. If you are registering the death, you will also need to notify the GP of the deceased of the death.
Make sure that when you register the death that you get several copies of the death certificate, all of which are certified. Keep in mind that it is expensive to get additional copies later and unless a solicitor is dealing with the estate for you, you may need to provide a death certificate to each company that holds any asset for the deceased. These include a landlord, their bank or banks, overseas investments, and insurance providers. You may even need one to cancel the TV license on the deceased’s property.
Copies of the Will and the Funeral
If you are named as the Executor, make sure that you know where the deceased is keeping their Will. Even if they are not entrusting you with a copy for storage, knowing where the most up-to-date copy of the Will is and how you can get hold of it. If the deceased is keeping their Will in a safety deposit box, make sure they remove it and store it somewhere else as you will not be able to access the assets of the deceased until the Will is read. Meaning that if the Will is in a safety deposit box, you won’t be able to access it until you have read the Will – an impossibility that leads to a great deal of frustration.
If there is more than one Executor, every one of them will need a copy of the Will, and it is also wise to make sure that each of the beneficiaries has a copy of the Will too. The original Will should be kept in a safe place, and it should not be tampered with in any way – this includes adding staples or paperclips to it.
Do you need help with writing your Will and naming your Executor? Call us today to find out how we can help you!
