Your executors are the people who make it all happen meaning carry out your wishes after your death. Among other things, they have to:
- apply for a ‘Grant of Representation’ from the Probate Registry
- notify the bank(s), pension agencies, solicitor, utility companies, and other relevant parties
- arrange your funeral and pay for it (the money comes from your estate)
- arrange for the payment of any debts outstanding on your death
- identify the ‘beneficiaries’ (people who inherit under your will) and establish where they can be contacted
- close up the house (if necessary) and arrange for house clearance prior to a sale
- arrange for the valuation of your estate, including any objects (‘chattels’) of significant value
- liaise with the tax authorities on inheritance tax
- pay the inheritance tax due (an account should be delivered within twelve months of the death)
- arrange the distribution of bequests
- keep account of all transactions, and get the accounts signed off by the beneficiaries
As you can see, this can be a very time-consuming job. Choose wisely and if you want one of your family or friends to do it, be sure to ask them first making sure they are willing capable and able to take on the responsibility. If you don’t, and one of them then refuses to do it after your death (as they are entitled to do), this could mean more work for the other executor(s) or may even mean that the responsibility falls to one of your beneficiaries. Estate Planning Solutions can help should this happens by being a Facilitator and Project manage the whole thing for you.
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