Jul/090
Executor Duties Help to Execute a Death Deed
Executor plays a very important role in executing a deed. The duties of an executor include registering the death of a client and procure death certificate, arrange for the funeral, arrange to open a personal representative’s account in the bank and inform concerned persons or organisations. Other tasks of an executor include carrying out value assessment of the estate, and finalize a schedule of debts that should be borne by the proceeds of the estate. Executor duties also include applying for grant of probate through the nearest probate registry. After this he has to fill the probate forms and send them to the probate office. It must be accompanied with the actual will, Inland Revenue account and death certificate.
Jul/090
Intestate Dying is the State of Dying Without a Will
When a person dies without executing a last will he is said to have died intestate. In such a scenario the estate of the deceased is distributed according to the Law on Intestacy.
Without a valid will the process of acquiring can take few months or may be a few years. Till matters are settled the spouse of the deceased has all the usual household expenses to find. The concerned person may not get the money because the assets are usually frozen until all claims are sorted out in keeping with law. With a valid will you can get probate and release of assets to the people who you chose in a very short time.
Jul/090
Probate Administration Oversees Settlement of Debts and Assets
After the death of a person his/her property has to be distributed among rightful claimants. For this an application for probate has to be filed. This in other words means to find out whether or not the dead person had a will at the time of death.
The procedure of probate also known as probate administration begins with the appointment of an administrator or executor who is in charge of:
- Securing and accounting assets and property owned by the decedent at death
- Finding out and clearing off all debts owed by the dead person
- Paying all outstanding income taxes. This includes death taxes
- Submit a final accounting to the probate court
- Overseeing the proper distribution of estate assets.