Being appointed as an Executor can be a daunting task. We have set out below a summary of matters which you as Executor would be responsible for.
These would include the following:
- You must gather together all information in relation to any assets held by the Deceased as well as details of any liabilities.
- You must make sure that any outstanding debts and taxes are paid and file an income tax return.
- You must pay the funeral expenses. Financial institutions will usually allow for the funeral expenses to be paid without a Grant of Probate having been obtained where you provide them with the receipt.
- The Executor must make sure the spouse (or civil partner) and any children are aware of any legal rights they may have from the Deceased’s Estate.
- You must insure any property held by the Deceased as it is a duty of the Executors to maintain the Deceased’s assets pending distribution. It is particularly important to make sure that you notify any insurance company that is insuring any property held by the Deceased if the properties are now vacant as this would be a change to the terms of the policy. Usually when you notify the insurance company they will change the policy to fire cover only. You should also seek to have public liability insurance put in place also
- You must ensure that social welfare are notified of the death of the Deceased and that any payments being made by social welfare are stopped and any overpayments refunded to them.
- Where there are beneficiaries living abroad it is particularly important that you are aware as Executor that there is a secondary liability on you regarding any tax payable by the beneficiary living abroad. No funds should be paid to beneficiaries living abroad until they have filed a tax return and any monies due to Revenue have been paid and you have received confirmation from Revenue that you can distribute the monies to any beneficiaries living abroad.
Should you have any queries in relation to the above or if you wish to enquire about taking out a Grant of Probate please do not hesitate to contact us at email@example.com or by contacting us on 01 2960666.