EXECUTORS
Having decided to make a will it is understandable that, when the time comes, you want your final wishes to be carried out as quickly and efficiently as possible.
The administration of your estate is the responsibility of people entrusted with the task – and they are specifically nominated in your will as ‘Executors’.
An Executor has important legal obligations:
- To establish the value of your estate
- Prepare a schedule of relevant assets
- Obtain authority from the Probate Registry to administer the estate
- To pay any outstanding debts
- To pay Inheritance Tax
- To distribute what remains of your estate (the residue) to your named beneficiaries and others with a legitimate claim on your estate.
In practical terms you need to appoint one or more people you can trust to faithfully ‘execute’ your will. The task requires a certain amount of stamina and patience in dealing with the bureaucratic processes they are likely to encounter.
If your estate is relatively simple, there will clearly be less work involved and the role of Executor should not be too onerous. If the estate is more complex, people with the necessary aptitude, skills and time will probably be better placed to do the job.
It is advisable to appoint people who are both willing and able to act as your Executors. Family members or close friends are typical nominees; professional advisors can also fulfil the role. Another practical point is that Executors should be those likely to survive you, although should circumstances change - or you wish to change arrangements - that is your cue to revise your written will.
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