An executor has pivotal duties that you need to know of. That is why this week, Prestige Tax and Trust Services asks, what are an executors duties in the UK?
What is An Executor?
According to UK law, the primary role of an executor is to manage the estate of somebody who has passed away. Traditionally, the person who has passed away appoints an executor in their will. Find out more on how to appoint an executor on Prestige Tax and Trust Services’ guide on how to make a will in England.
Saying that, the role of an executor is far from easy. It can be a daunting task, with a number of pivotal duties that face an untrained individual, at a time when they are struggling with grief over the passing of a loved one. That is why you need to make sure that your chosen executor knows exactly what they are supposed to do, so they can carry out the task you have assigned to them as effectively as possible.
What is an Executor Supposed to Do?
So what are the specific tasks UK law traditionally assigns to an executor? Well as we’ve mentioned, they are charged with taking responsibility for dealing with all of the deceased’s estate, with tasks including:
- Collating all the documentation of the deceased
- Sending of a copy of the deceased’s death certificate to the organisations that hold their capital i.e. their bank.
- Opening a bank account on behalf of the deceased’s estate.
- Ascertaining the details of any money owed by the deceased and meeting payments through the estate.
- Figuring out how much, if any, is owed to the estate
- Drawing up a detailed list of the deceased’s property, money, possessions and debts that will comprise their estate.
- Figuring out the amount of inheritance tax owed on the estate and arranging payment of said inheritance tax.
- Preparing and sending the documents legally required by HM Revenue and Customs and the probate registry.
- Arranging payment of debt expenses and fees i.e. probate and solicitors fees.
- Dividing out the estate, as laid out in the will, or otherwise in line with the rules of intestacy, as defined by UK law.
Prestige Tax and Trust Services are here to Help You
These are the main duties of an executor in most cases, and as you can see, it is by no means an easy job. This is why you need to appoint an executor you trust.
Come to Prestige Tax and Trust Services when it’s time to appoint an executor, and our highly experienced team will help you complete the complex procedures that come with arranging your affairs, as well as providing you with an Executor service that will ensure that once you pass away, your loved ones will be well and truly looked after.
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