When you act as an Executor you are expected to act reasonably and act in the best interests of the estate and its beneficiaries.
This could involve getting a fair price for any assets being sold, ensuring that relevant insurance is in place to protect any property assets and to ensure that all Inheritance Tax (IHT) owed is paid prior to the distribution of the estate.
It is advisable to advertise the death. This allows anyone who is owed any money by the estate to be paid in full. If you don’t do this, you could be liable if someone makes claim against the estate after it has been distributed.
There are several options for protecting your children’s inheritance if you die before your spouse/civil partner/partner. The choice can depend …
Read more Wills & ProbateThis is the term used to cover everything that needs to be done to deal with an estate. It involves …
Read more Wills & ProbateAn executor is the person who has to deal with the deceased’s estate. Responsibilities include: paying of the deceased’s debts …
Read more Wills & ProbateIf you don’t have a Will when you die, the law will decide how your estate is distributed. This is …
Read more Wills & ProbateA member of your family, your partner, a friend or solicitor may act as your executor. The executor must be …
Read more Wills & ProbateYes, the solicitor is allowed to charge reasonable costs for acting as an executor. The usual charges are between 1½ …
Read more Wills & ProbateThe answer is No. It is a common misconception that when a person dies their debts die with them. When …
Read more Wills & ProbateYes, an executor may be a beneficiary in your Will and it is often appropriate that the main beneficiary is …
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