ChatterBank1 min ago
Executor Of A Will
I have been asked to be an executor for an elderly neighbour. Can anyone point me in the direction of any literature that will fully explain what is expected of me if I agree to do it? Many thanks.
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If the person has little estate and no relatives it might be fairly straightforward but be careful. Executors are personally responsible for doing things correctly and can (although its farfetched) be personally sued by interested parties if things go awry.
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If the person has little estate and no relatives it might be fairly straightforward but be careful. Executors are personally responsible for doing things correctly and can (although its farfetched) be personally sued by interested parties if things go awry.
This seems to cover it quite well:
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Basically though it comes down to establishing what assets the deceased person held (such as property, shares, money in the bank, etc) and what their liabilities were (e.g. debts). then applying for probate. (Applying for probate is easy. In most cases there's just a bit of form filling to do, and swearing an oath; you don't usually need a solicitor but, if you do, the costs can be met from the deceased person's estate). Once probate has been granted you need to provide banks, etc, with copies of the grant of probate (to prove that you're entitled to take charge of the funds) and then distribute the estate in accordance with the terms of the will.
Chris
http://
Basically though it comes down to establishing what assets the deceased person held (such as property, shares, money in the bank, etc) and what their liabilities were (e.g. debts). then applying for probate. (Applying for probate is easy. In most cases there's just a bit of form filling to do, and swearing an oath; you don't usually need a solicitor but, if you do, the costs can be met from the deceased person's estate). Once probate has been granted you need to provide banks, etc, with copies of the grant of probate (to prove that you're entitled to take charge of the funds) and then distribute the estate in accordance with the terms of the will.
Chris
Note you will also need to contact all the companies the decased dealt with to make sure he does not owe them money, or they owe him money, and to close off the accounts.
This can be the gas board, electricity board, water board, council tax people, phone companies, insurance companies, banks, stocks and shares (if he has them), premium bonds, insurance companies, benefits office and probably others I have not though of.
If he is paying by direct debit, or if he has paid for something in advance like insurance, they may owe him money.
But with things like tax or other benefits he may owe them money.
This all has to be sorted out before you can distribute the remaining assets.
It can be a lot of work.
This can be the gas board, electricity board, water board, council tax people, phone companies, insurance companies, banks, stocks and shares (if he has them), premium bonds, insurance companies, benefits office and probably others I have not though of.
If he is paying by direct debit, or if he has paid for something in advance like insurance, they may owe him money.
But with things like tax or other benefits he may owe them money.
This all has to be sorted out before you can distribute the remaining assets.
It can be a lot of work.
1 to 5 of 5
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