A substantial number of people act as an Executor every year; however, many people are still unaware of the responsibilities that come with the role.
If you’ve been named as an Executor in someone’s Will, you are responsible for handling that person’s affairs when they die. You will be required to carry out the instructions in their Will and take care of all the legal and financial affairs that need to be handled after death. This means dealing with all their assets (such as property, shares and personal possessions), paying debts, paying any Inheritance Tax and Income Tax and transferring the inheritance to the beneficiaries (those who are inheriting from the estate). The process of dealing with the affairs of someone who has died is estate administration.
When someone creates a Will, they will typically inform their Executor(s) that they have chosen them. However, there are no legal requirements for the creator of a Will to inform the Executor(s).
This means that although many people are aware that they will be taking on the role of Executor in advance, there is a chance that you could find out after the person has died.
If you would like some friendly, caring & supportive advice about your role as an Executor, OR Power of Attorneys, Funeral Planning, Will Writing and how we can help you, you can call Sara on 01304 577998 or email email@example.com.