An Executor is a person named in a Will who is responsible for managing the deceased’s affairs, dealing with the various paperwork and notifications surrounding their death, handling the Probate process, and dividing up their Estate (their property, money, and belongings) when they pass away.
Choosing an Executor is one of the most important parts of inheritance planning. An Executor can be a trusted friend or family member, including someone set to inherit something as part of your Will. If you don’t want to appoint an individual, you can appoint a professional Executor like an accountant or solicitor to take care of this.
It is sometimes a good idea to appoint more than one Executor to have a backup in place. An Executor’s role is complicated and time-consuming, so it is important to choose your Executors carefully.
The Executor’s responsibilities include working out the value of the deceased’s Estate, settling any outstanding debts, paying any taxes due, and dividing up the Estate according to the Will. The Executor will need to apply for Probate and make sure all the legal paperwork is in place, and that accounts are kept, so the whole process is transparent. The Executor will also be responsible for paying funeral costs out of the Estate unless the deceased has a pre-paid funeral plan in place.
An Executor can also claim reasonable expenses as part of their role. Even though it’s not easy to talk about, it is a good idea to make sure you have a properly written Will in place, with Executors appointed. Capital Life’s affordable and straightforward Will-writing service is available to help make sure your loved ones are taken care of when you’re no longer here. Contact their team of experts today to find out more.