My father has recently passed away and I have just been made aware that I am an executor of his Will. I am not sure what this role entails. What do I have to do?
An executor is a person named in a Will who has been chosen to manage a person’s estate after they pass away. The term “estate” refers to all the property the deceased leaves behind, which can include property, bank accounts and personal chattels.
As an executor of your late father’s estate you will be responsible for establishing the value of his assets (which can be done by writing to the various institutions), completing the necessary paperwork to submit to the Probate Registry and Inland Revenue, paying any inheritance tax if necessary, collecting in the assets, settling any outstanding liabilities and distributing the estate in accordance with the terms of your late father’s Will.
As a named executor it is essential to get everything right when dealing with the administration as you are the person responsible for administering the estate in accordance with the law and under terms of the Will. This responsibility lasts for the duration of the administration and if you breach your duty, even in good faith then you can be held personally liable for this.
Acting as an executor can at times become very complicated and time-consuming. This can make the role especially difficult if you are dealing with the loss of a family member. If you find yourself in this situation do not panic as we can guide you through the process.
For further information please contact a member of the Wills & Probate team.