22/06/2023 0 Comments
Duties of an Executor
One of the main functions is to gather all the assets of the deceased person. In some cases, this might involve insuring them until distribution can be made to the beneficiaries.
What are assets?
These can include cash in bank and financial institutions, company shares, antiques, jewellery, furniture. In the case of land or properties, to make sure the property is insured until the title has been passed on. Also, any monies that are owed to the deceased by loans or otherwise need to be identified.
Where the deceased states in their Will that certain items of property are to be given to named beneficiaries then the executor must ensure the deceased wishes are carried out.
In the case where the deceased was in receipt of a State Pension, the Department of Social Welfare must be informed of the death of the person.
There will be forms to be completed for the Probate Office and probably the Revenue Commissioners. All paperwork must be completed to the satisfaction of the Probate Office before they give the grant of probate.
On gathering in the assets of the deceased, the executor then must identify what debts must be discharged these include funeral costs, domestic bills outstanding, debts the deceased had prior to dying.
The appointed solicitor will do most of these functions and give their findings to the executor for approval and sign-off. This will include a statement of account showing all the monies gather in and/or identified and all the payments that are to be made to discharge liabilities before the deceased assets can be given to the beneficiaries in accordance with the Will.
The executor must perform their duty diligently and in an unbiased manner.