Being An Executor Of A Will
What are the duties of an executor?
When a person dies their assets have to be administered. In the first instance, the duties of an Executor of a will are to protect the assets of a deceased person. Executors of will do not have any power to deal with the assets until such a time they have obtained a grant of probate, which is the legal authority to gather in the assets, liquidate them, pay debts, and distribute the assets as in accordance with a will. Executors of will cannot deal with the assets in any way until they obtain a grant of prorate, but they are under a general duty to protect the assets, stop them from going missing or being taken.
What powers does an executor have?
The executor carries out the instruction of the deceased, as set out in his will. Prior to the grant of probate, they are under a simple duty to protect the assets of the estate, but they have no power to deal in any way with the assets by way of converting into cash and distributing. The grant of probate, once it's been obtained from the probate court, is the authority of the executor to deal with the deceased's assets, and they then deal with the assets and distribute them in accordance with the wishes of the deceased as set out in his will. They deal with paying to the inheritance tax and if they stray and do something which isn't one of the deceased's wishes, they can be held liable by the beneficiaries.
Can I stand down as an executor?
In general terms when somebody makes a will, that person will ask his executor or trustees as to whether they will accept the office of being an executor or trustee. Sometimes it happens that somebody will make a will and they have not advised the executor or trustee of the position they have been appointed, something they may not wish to do. Similarly, somebody who has been told that they are going to be an executor/trustee might decide that they don't want to be an executor/trustee. Simply because of family complications or they can see complications that may be about to occur in the administration of the estate. In this circumstance, an executor does have a right to 'renounce their right to grant probate'.
What is 'probate'?
Probate' is the authority of the executors to administer the affairs of a deceased person. Up until the time that the grant of probate is obtained, the executors are under a duty to protect the assets of a deceased person, to stop them from going missing or deteriorating or whatever it might be. They make an application for a grant of probate through the probate court. You can either do this through a solicitor, or you can make a personal application. The grant of probate, once it is obtained, is the legal authority issued by the court to the executors to deal with the assets of a deceased person and distribute them in accordance with the instructions of the deceased contained in his will.
What is a Grant of Probate?
A grant of probate is the legal authority of the executives to deal with the assets of a deceased person. Of course the administration, the executives of will, will complete a return of the assets and liabilities of the estate to the internal revenue, or what is now called “her Majesty's Customs and Revenue.” They may have to pay the inheritance tax. Inheritance tax normally has to be paid up front or a receipt is issued by the inheritance tax office and you then make an application for the grant of probate showing the tax has been paid, or at least the initial tax has been paid.
When is a Grant of Probate needed?
A Grant of Probate is normally needed where you have land assets unless the assets are held in the joint names of lets say husband and wife or some partners in such a manner as so as to insure that the assets pass by right of survivorship to the surviving spouse or surviving partner. If the assets are in a joint name such as a house or a bank account and right of survivorship applies, then there will be no need to obtain a Grant of Probate.
How do I apply for a Grant of Probate?
A grant of probate is issued by the probate court. The local probate registry are all around the country. You can make an application in person or you can make an application through a solicitor. This solicitor will complete all the necessary documentation and deal with the inheritance tax forms for you. As a solicitor there are some aspects I am not too sure about; such as reference making a personal application, because solicitors simply do not do personalise applications, we lodge our papers differently. We don't have to have personal appointments. I believe that if someone makes a personal application there has to be an appointment at the probate registry. For that particular reason, it takes a considerably longer time if you make your application personally, rather than doing it through a solicitor. But having said that, the name of the game today is do it yourself and lots a people make the application to the probate registry and they seem to do it rather succesfully.
