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The Executors are responsible for the administration of your will and often the spouse is appointed either alone or with others. Typically the person who is likely to benefit most from your Will is appointed as they have every incentive to complete the administration without unnecessary delay. A maximum of four people can apply for probate but one or two is adequate and you may wish to consider naming alternatives in case your chosen Executors are unwilling or unable to agree to the task when the time comes. |
Professional Executors can be appointed (solicitors, banks or accountants etc.) but remember that the charges incurred may be high in relation to the size of the estate. Most Wills appoint family members or friends to act and of course your appointed Executors can engage professionals themselves if they find that assistance is required. The advantage is that they can obtain quotations and shop around at the time rather than what amounts to a blank cheque being written if professionals are appointed by Will. |
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Duties of Executors |
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1. Register the death of the testator |
2. Arrange the funeral |
3. Apply for a Grant of Probate |
4. Arrange to open a Personal Representative’s bank account |
5. Inform all relevant persons and organisations |
6. Arrange for a valuation of the Estate |
7. Draw up a full schedule of debts |
8. Complete the forms required by the Inland Revenue Capital Taxes Office |
9. Complete the Probate forms and send or take them to the Probate Registry along with the original Will, the death certificate and the Inland Revenue account |
10. Provided that the case is fairly straightforward, an appointment will be made for the personal representative to ‘swear the papers’ within about 5-6 weeks of receipt at the Probate Registry |
11. When Inheritance Tax is due, the executors account of the estate is passed to the Inland Revenue and the Grant of Probate cannot be issued until the tax is paid |
12. Copies of the Grant of Probate should be sent to everyone who owes money to the estate. The executors now have a legal authority to pursue any debts owing to the estate. |
13. When the Grant of Probate is received, the estate can be divided according to the terms of the Will. |
14. All papers including the Grant of Probate and the accounts must be stored safely for a period of 12 years. |
