EXECUTOR OF A WILL – DUTY OF EXECUTORS

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When entering into the murky legal waters of will and probate law, it is essential you take some advice from a trained legal expert. Not only will this help you avoid further trouble and unnecessary problems down the road but you may also be able to immediately assess your position in a better light. Being able to know your chances of success were you to undertake some sort of court action yourself is very helpful. Will & Probate Solicitors represent a nationwide network of solicitors who are specifically trained in the areas of will and probate law. We offer free legal advice to the public from our website – simply fill in the contact form on this page and one of our experts will be in touch. We also offer a helpline to call.

The Duties of an Executor

When someone writes a will they will need to appoint an executor to carry out the instructions in the will. It is important that the appointed executor is not himself or herself a beneficiary of the will – if so they will simply lose their place in the will. The procedures can be very complicated which is why most executors hire a solicitor to help sort out the will when the time comes. The first duty for the executor is to assess the debts and liabilities of the deceased and then to value the assets they had. Property, liquid assets and bank accounts are all included in this valuation. Once this procedure is finished then the executor must make an application to a local registry for a grant. Hereafter the executor will be required to visit the registry and swear an affidavit as to the basic details of the author of the will and then to declare a net value of the assets to be distributed. The capital taxes office is then involved and assess the situation as to if they are satisfied with the figures for tax purposes.

Distribution of Assets

Once a grant has been successfully issued by the registry then the executor has the legal right to deal with the assets of the estate as instructed in the will itself. Sometimes this includes the sale of property, shares and to take the balance of certain bank accounts. Once the debts outstanding are paid and tax is also paid, the executor can distribute the remaining funds to the beneficiaries in the will. This job is a delicate one as the executor has ultimate responsibility for tax payments and for payments to the beneficiaries. It is not a job to be taken lightly. Imagine having to do all this on your own! Hiring a professional is the only option for most executors, unless they have specific legal training in this area themselves.

Free legal advice on your situation

For friendly legal advice on your specific situation then please fill in the contact form on this website today and one of our experts will be in touch to give you some free legal advice. There’s no need to pay us for this service and there is no obligation for you to use our services further should you decide not to at this time. We assist executors, will beneficiaries and all interested parties from many areas of the United Kingdom each week of the year. Investing in our expertise has been a wise decision for our clients and we hope you count you among them soon.