You’ve been named executor of estate
If you are reading this then you have just found out that you have been made executor of a deceased persons estate.
What does this mean for you?
Being named as an executor of estate also referred to as a “personal representative” doesn’t have to be a daunting task, If you get yourself organised from the start the process can run very smoothly.
As the Executor you are responsible for protecting and making sure the assets are distributed until the process is finished.
If you are made executor of estate and you do not want to act you can renounce, only if you haven’t actually started dealing with the deceased persons estate. If you do decide its not what you want to do there is no going back. Once you give up the position its permanent.
If there is more than one executor, You can apply to have ‘power reserved’. This basically means if there is other executors you can hand the responsibility to them but can take over if you feel they are not performing well with task they have been given.
If you are executor these are some of the task you will have to take on.
- Pay off any debts the deceased may have had
- Value the estate
- Complete all forms PA1/Inheritance tax and many others
- Find all the financial documents for the deceased
- Obtain a Grant of Probate
- Distribute the estate
More info on executor duties
Written by Elissa Hayes