Being an executor of a Will has many responsibilities. It is the executor’s role to administer the estate of the deceased person. The duties of an executor involve sorting out everything the deceased person owned, including any property, money, and other possessions, settling any debts and finalising income tax affairs.
One responsibility may be that the executor needs to sort out the property of the deceased. It is the executor’s role to make sure that the property is secure and home insurance may be required to be put in place along with arranging clearance, and even arranging the sale of the property if that was what the deceased person wished. A grant of probate is required to sell a property in the deceased’s name.
The executor will also need to collect all of the deceased assets and settle any debts if the deceased person had any. To get the deceased person’s financial information, the executor will need to send copies of the death certificate to financial institutions such as banks and insurance companies. The executor will need to collect all the deceased person’s financial documentation and work out all the money owed to and from the estate.
Once all date-of-death balances for the assets and debts are collected, the executor may have to apply for probate depending on what is in the estate and its value. If probate is required, the executor must then prepare the relevant documents required by the Probate Registry and HMRC. Once the grant of probate is received the executor will need to send copies to all the relevant financial institutions to get the assets released. Once the executor has all the assets collected and debts settled, the executor will then need to distribute the estate according to the deceased person’s wishes in their Will.
Here at DIY Probate, we have helped thousands of customers throughout the probate process for over ten years now in Leicestershire. Contact our team of legal specialists today to discover how we can help you at 0116 2795044, and we’ll gladly help.