I recently discovered that I was appointed Executor of my late aunt’s estate.
I am unsure of my obligations. What exactly is an Executor and what do they
do? Please explain an Executor’s duties to me.
The Executor of a will is the person named by the maker of a will (Testator) to carry out
the directions of the will. The Executor is obliged by law to preserve, protect and
administer the estate of the deceased person strictly in accordance with the terms of the
will.
An Executor’s main duties include the following:
Ensure that a death certificate is obtained by next of kin.
Ascertain the extent of the deceased person’s estate.
Ensure that all debts owed by the deceased at the time of death are accounted for and paid out of the estate. The executor must also ensure that all funeral expenses are paid.
Trace all of the beneficiaries outlined in the deceased person’s Will.
Ensure that the deceased person’s estate is correctly and properly valued for
Revenue purposes.
Protect the assets of the estate until they are distributed e.g. ensure that any
house or other such property is adequately insured.
When the Grant of Probate has issued, the executor must distribute the assets in
accordance with the terms of the Will.
When the estate is finalised and all bequests have been settled, the Executor
must produce a set of Estate Accounts which outlines all money received and
paid out.
An Executor should consult with a Solicitor as soon as possible after the death of the
Testator to commence the administration process without undue delay.