The rules and regulations that must be followed when making a will can be confusing to the uninitiated – and things can get even more confusing when it comes to probate issues and contested wills. The roll of an executor is often thrust upon an unsuspecting beneficiary when a relative or friend dies and it is important for that person to understand their responsibilities due to their personal financial liability to any other of the wills beneficiaries.
The roll of an executor, who is named in the will EXECUTOR PROBATE SOLICITORS , is to identify the assets and debts the deceased leaves behind, liquidate property where necessary and pay everything owing including inheritance tax prior to distributing what remains between the beneficiaries who have been named in the will, following the instructions left by the deceased.
The roll of an executor sounds like an easy process but in reality most people hire a solicitor to help them with the tasks involved, which include getting accurate valuations of all the assets the deceased left behind. Once all the figures have been arrived at the executor will apply to the court for a grant of probate and must confirm that all the assets have been accounted for and that the net value of the estate is correct. Once this stage is completed the Capital Taxes Office will look at the figures to see whether there is any requirement to pay Inheritance Tax, and also to confirm whether or not they agree with the information that has been presented to them.
A grant of probate authorises the person named in the will to take on the roll of an executor and allows them to gain access to the assets which have been left behind by the deceased. This often involves liquidating assets, which may include selling anything that isn’t to be left to someone as a specific bequest or gift.
The roll of an executor is often an onerous, responsible and time consuming matter and it’s not surprising that most lay people seek out the help of a solicitor who has experience in this area. If you find yourself in this position and you need some advice about the best way to proceed our solicitors are ready and waiting to give you the help you need. The initial consultation is free and it’s entirely up to you whether you want to proceed from there or not.
Alternatively you may have discovered that you have been named as the beneficiary of a will and wish to seek further legal advice about the situation or about whether or not the roll of executor is being properly carried out by the person appointed.