Being named as an Executor in someone’s Will means that you have been chosen to administer the estate. The Executor (or Executors, as sometimes there may be three or more) is the legal personal representative of the estate from the date of death.
You can choose to renounce your executorship by signing appropriately drafted documentation. This can only happen prior to having any involvement in the estate.
If you are named an Executor in a Will you should seek legal advice regarding the administration of the estate. This will include taking control of assets, attend to the payment of debts and liabilities and account for any income. You will also have to provide a Statement of Assets and Liabilities of the estate to assist in applying for Probate (which can be done by your solicitor).
After Probate has been granted the Executor is responsible for the following:
- Collecting the deceased’s assets and paying the debts owed
- After the payment of debts, assets should be distributed pursuant to the Will or, if they are sold, the money can be divided between the appropriate beneficiaries.
- After all the assets have been ascertained and, where appropriate, where assets have been sold to raise monies and all debts have been paid the balance of the estate should be distributed to the beneficiaries.
The Executor may need to prepare an appropriate distribution report and statement for the beneficiaries showing what the assets were and how much money was realised and paid.
If you have been appointed as an Executor, make an appointment to see one of experienced lawyersv at Hume Taylor & Co today.
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