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.
Jun/090
Duties of an Executor
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If someone has nominated you as an executor you need to perform several duties after that person dies. If you are not wiling to take the responsibility you will not have to do the job. But once you start the process you can not leave it half way. Are you wondering about the executor duties?
Here is a list of some of the duties of an executor that might give you an idea.
- The first duty of an executor is to register the death of his client.
- Inform the relevant organizations and persons about the death.
- Arrange the funeral of his client.
- Pay the debts of his client.
- Arrange the valuation of his client’s estate.
- Distribute his client’s estate.
- Pay any due IHT.
- Fill up the probate form and send it to the probate office.
- Apply for Grant of Probate.
- Retain all the papers.
Jan/090
Duties of an Executor
In simplest speaking an executor is the person who is partly named in the document or the last will of the deceased for the chief purpose of looking after the property of the deceased. Yet there are many other duties and responsibilities of an executor as here is the list which shows the main duties of an executor to be perform.
1. The executor should need to obtain various documents like death certificate, bank account, shares, insurance policy and many other copies of the deceased in order to transfer or realize the fund of the client.
2. Need to arrange for the funeral of the deceased.
3. The particular executor needs to open a personal representative's bank account.
4. The executor needs to inform all the organization and the relevant persons related with the deceased.
5. Valuation of the estate of the deceased.
6. He/she needs to calculate the debts which must be paid off from the income or revenue earned from the estate.
7. Completion of the forms is required from the Inland Revenue capital taxes office to find whether or not any Inheritance Tax is due and pay off if it is due.
8. Apply for the Grant of Probate. The executor need to send the Probate forms to the Probate Office along with the death certificate of the deceased, Inland revenue account and with the original will.
9. Collection of assets and any other debts.
10. Distribution of assets.
11. Once the estate has finalized all the papers the executors must need to hold on the papers and stored for the minimum period of 1 year.
As we now know that the duties and the responsibilities of an executor is not as easy as it looks. Any one who is nominated as an executor can refuse to act and there is no such legal binding too. But once act as an executor or carrying out the process can’t be stopped in the middle. An executor can also appoint another executor if doesn’t likes or unable to carry forward as an Executor.