A person who are legally allowed to do the dealing for the estates of a deceased person are termed as executors. While the executor takes such rights, there are certain liabilities and responsibilities assumed. The duties of an executor and an administrator are the same. An administrator comes into play when the deceased person leaves no will. An executor also does the duty of personal representative. Henceforth, the term executor will be used for the administrator and a personal representative as well.
Job of an executor
The important job of an executor is to evaluate worth and the extent of the real-estate. Once the executor does the same the executor pays all the taxes due to receive the grant of probate. Prior to the distribution of the estates according to the will or intestacy law (Which applies when the deceased person leaves no will) the executor collects all the assets in order to make the payments for all the debts and liabilities. An executor also needs to ensure the fact that the jobs being carried out needs to be free from mistake and the executor should take into account of each and every minute details which may involve carry out a probate search in institution of any relevance with prior legal notice in a newspaper or any other publications.
Detailed understanding of the duties of an executor
- Ensuring the existence or the non-existence of the will
- Informing about the death to all the institution where the asset of the deceased is held to freeze the accounts until the grant of probate
- Obtain available information to complete the tax return of the inheritance and may the payment according while obtaining the receipt. In the circumstance of HRMC request the executor makes an application to the probate registry to obtain a probate grant or a letter of administration.
- After obtaining the probate grant or letter of administration an executor collects decease’s asset and make the payment for the liabilities and the debts of the estate while transferring the assets to beneficiaries. The executor also makes the payment for the legacies while making the distribution of the residues to the beneficiaries
- An executor prepares a detailed account for the estate
- An executor prepares necessary income tax return and file the same
Detailed understanding of the responsibilities of an executor
- Evaluating the asset of the deceased at the time of death and taking necessary step to protect the asset and manage deceased business.
- Executor is responsible for the preparation and the submission of the inheritance tax and other taxes while ensuring the proper application of the reliefs, allowances and write downs.
- Executor takes the responsibility to obtain tax clearance prior to estate distribution
- Executor is responsible for clearance of all debts alongside the clearance of taxes
- Executor is responsible for Completion and filing of necessary documents for application of probate grant
- Executor ensures the deceased will is carried out properly
- Executor is responsible for the distribution of the estate
- Executor is responsible for preparation of the beneficiary’s estate account.