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What to do as an Executor of a Will
An Executor, or Personal Representative, is responsible for winding up the estate of the deceased and managing the assets in accordance with the instructions found in the will.
The first job of any executor is to apply for the Grant of Representation which gives you the authority to take control of the estate and carry out your probate duties.
An Executor, or Personal Representative, is responsible for winding up the estate of the deceased and managing the assets in accordance with the instructions found in the will.
The first job of any executor is to apply for the Grant of Representation which gives you the authority to take control of the estate and carry out your probate duties.
You will be required to determine the exact financial situation of the deceased and make arrangements to both clear any outstanding debts or liabilities and allocate any remaining assets.
The executor of a will is expected to communicate with professionals and financial institutions in order to calculate the amount owing from the estate, including tax and National Insurance liabilities, as well as claiming any credits due to the deceased such as tax refunds and interest due.
The executor of a will is expected to communicate with professionals and financial institutions in order to calculate the amount owing from the estate, including tax and National Insurance liabilities, as well as claiming any credits due to the deceased such as tax refunds and interest due.
An executor is required to file claims for life insurance policies and collate the exact value of all assets of the individual to ensure everything can be managed to a point of satisfaction.
This can be a time consuming and demanding role which can take months, or sometimes years to complete.
There is no payment for being an Executor, although many people will leave an entitlement in their will for those that carry out this role.
An Executor should be someone with accuracy, patience and a keen attention to detail. The job requires strong organisation skills and a good head for figures so that the entire process can be carried out as quickly and efficiently as possible.