Executor of a deceased estate?
If you have been named as an executor in someone’s will, it means the deceased wanted you to administer his or her estate, perhaps in conjunction with another person.
There can be any number of executors named in a will, though one or two is usually considered sufficient.
If you are the sole executor, you will probably need the assistance of a Solicitor to deal with the duties and obligations of administration.
If you do not want to be an executor (even if you earlier agreed to be one), you can renounce the executorship by signing a ‘renunciation’. The Solicitor for the estate will file it with the Probate Registry of the Supreme Court.
What are an executor’s responsibilities?
In general terms, an executor’s duty is to take charge of the deceased’s assets and property, see that the funeral and administration expenses as well as debts and taxes are paid and finally to distribute the assets to the beneficiaries in accordance with the will.
You will have to begin by finding out and making a list of everything the deceased owned or was entitled to. The list could include a home, car, money, bank or building society accounts, furniture, household appliances, jewellery, shares and other investments, insurance policies, superannuation, and holiday pay from work. In addition, if the estate is to be divided between a number of beneficiaries, the assets may have to be valued.
Next you will have to apply to the Probate Registry of the Supreme Court for a grant of probate. Probate is an order of the court saying that the will is valid and that the executor has the right to administer the estate.
When applying for probate you will need to complete a number of forms which are prepared by your Solicitor or are available in blank form from a law stationer. You will also need documentary evidence of death, proof of proper signing and attestation of the will, and details of assets and liabilities.
What if the estate is small?
Banks and building societies have varying rules which allow access to the deceased’s funds without a grant of probate if the estate is very small.
Enquiry should be made of the financial institution concerned to ascertain at what level it will insist on a grant of probate before the executor can deal with the funds.
Where the estate is small, (less than $50,000), no court fees are payable if an application for probate is necessary.
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