How do I carry out my Duties?
The duties of an Executor and Administrator can be daunting and carries with it a considerable amount of legal, tax and administrative responsibility, which last for the duration of the administration of the Estate and can carry on longer if there are any trusts which are continuing (e.g. inheritance left to minors will be finalised only when they reach the prescribed age or majority).
Legal Responsibilities
These duties include:
- Searching for a valid Will or identifying the Will as the valid last will.
- Applying for the Grant of Probate or Letter of Administration.
- Identifying and dealing with any valid claims against the Estate.
Tax Responsibilities
These duties include:
- Completing and submitting the Inheritance Tax (IHT) return and paying any Inheritance Tax owed.
- Completing the relevant Income Tax and Capital Gains Tax returns and paying any outstanding tax owed.
Administrative Responsibilities
These duties include:
- Identify, notify and correspond with all relevant financial institutions in order to encash or transfer the Estate Assets.
- Arranging to sell or transfer property belonging to the Estate.
- Searching for unclaimed or missing assets.
- Paying the debts and liabilities of the Estate.
- Preparing and distributing Estate accounts to relevant parties.
- Correctly distributing specific gifts and the residue of the Estate to the beneficiaries.
RMNJ are always glad to discuss any questions you have without obligation and at first instance entirely free of charge.
Back to RMNJ's Guide to Probate