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There are a number of duties that must be carried out by the executor(s) of a Will in order for the wishes laid out in the document to be carried out.
Death registration and obtaining certificates: A copy of the death certificate will be required for each of the funds to be released or transferred.
Funeral arrangements: This cost is generally the first to be paid from the estate left after death. Funeral plans organised prior to your death may cover some or all of these costs.
Grant of probate application: This is done at the local probate registry.
Valuation of the Estate: The estate will include the house, its contents, personal effects, savings and investment plans and any policies and accounts held. A detailed list of all assets should be drawn up.
Open a bank account for the personal representative: This account will be used to deal with any money due to the estate and to accept any loan arranged to pay probate fees and/or inheritance tax.
Organise a schedule of payments: This will include any debts that must be paid from the estate, such as a mortgage, taxes, bills, overdrafts, loans and credit card balances.
Inform individuals and organisations: All relevant individuals and organisations such as banks, insurance companies, employers, Inland revenue and local authorities must be informed of the death so that they can make any necessary arrangements. Many of these organisations may need a copy of the death certificate.
Form filling: Primarily required by the Inland Revenue Capital Taxes Office, the completion of relevant forms will help to establish whether any Inheritance Tax is due.
Completion of probate forms: These should be completed and taken to the Probate Registry with the original Will, a copy of the death certificate and any Inland Revenue account.
Swearing of the papers: This takes place once all the above steps have been carried out. Approximately 5-6 weeks after receipt of paperwork by the Probate Registry an appointment will be made to carry this step out.
Payment of Inheritance Tax: If a payment is required, this must be made before the Grant of Probate can be issued. If this cannot be paid immediately without the need to sell part of the estate, banks can arrange loan facilities to clear debts in the interim.
Copies of the Grant of Probate: These are sent to everyone owing money to the estate and it is within the executor’s legal authority to chase any debts owed.
Division of the estate according to the Will: Once the Grant of Probate is received the estate can be apportioned according to the wishes within the Will. The executor must prepare and sign documents stating the overseeing of this process. It is vital to prove their actions have been carried out in accordance with the Will as evidence in the event of queries.
Safeguarding paperwork: All documents relating to the Will and estate must be kept safely for a period of 12 years.
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