Question: Somewhat to my surprise I have been nominated as the Executor of a Will. What does this entail?
Answer: Your function as an Executor is to extract a Grant of Probate to the Estate and to administer the Estate of the deceased. I suppose the first thing to say is that you are not bound to act and that you can decline to act if you do not wish to do so.
The role and duties of an Executor largely depend on what assets are in the Estate and the first step would be to ascertain the precise value and extent of all the deceased’s assets. It is up to you to protect those assets and therefore it may be necessary for you to take some of them into safe custody. Likewise if there is any property you should make sure that it is properly insured.
You will also need to find out whether the deceased had any debts. When you have made all your inquiries a schedule of all the assets and liabilities must be prepared. Up to recently this Affidavit had to be sworn by the Executor and then furnished to the Revenue Commissioners but this practice is about to change and the Revenue will no longer require first sight of the Affidavit (although they will still receive a copy of same from the Probate Office).
The original Will is then produced to the Probate Office. The Will is then approved which results in a Grant of Probate issuing from the Probate Office. This is the formal document which will certify your entitlement as the Executor to collect in the assets of the Estate and pay any debts and then make the distributions to the beneficiaries. It can be quite a complex exercise particularly if there are tax issues involved. You are generally not entitled to charge any fee for your work as Executor and therefore it is usual for an Executor to retain a Solicitor to make sure everything is done correctly.
The information contained in this article is for general information purposes only and does not constitute legal or other professional advice. Specific legal advice should be sought on any particular matter.
