When someone dies, an executor is typically a family member or loved one that gets put in charge of handling the newly deceased’s estate. This includes their property, possessions, and financial obligations. However, there is still the matter of deciding who gets handed those duties. If you are handling the wills and probate of a deceased loved one in Central London, and you want to know how the assigning process of who becomes the executor is handled, the answer is as follows.
This is not a one-person job, so don’t be shocked if up to four others are named as executors. Remember, you are handling the whole sum of finances, property, and estate of someone’s entire life up until their death. You and these four others will take on this responsibility and share the workload amongst yourselves so that it gets handled faster and more efficiently.
Specific duties as executor
Getting down to the nitty gritty of what’s expected of an executor, you and your fellow executors will be instructed to collect any and all assets (including money) due to the person’s estate, as well as pay off any debts and taxes, out of the estate of course. You’re also in charge of distributing the estate to all those who are owed a piece as specified by the will. Finally, you are to make sure, as soon as you can after the person dies, that the estate and all that is included therein, is safe and secure. There is no need to worry about being left out in the cold, especially if you have no experience in advanced financial management such as this. The solicitor you hire for this case will help you and your fellow executors every step along the way.
* Next to the legal duties of an executor, there are other, smaller tasks you are obligated to complete. They are as follows:
* Register the death with all who need to hear about it and make as many copies of the last will and testament as are needed
* Speak with and console grieving friends and family
* Finally, you must value the estate to figure out an exact number of how much it’s worth
An executor is an entirely optional position. You don’t have to do it, but the more people working on it, the smoother things tend to go. So, if someone you were close with has tragically passed, and you feel like it’s your responsibility to get their affairs in order, volunteer to be an executor and work with your solicitor to work everything out. Go to site for more information.