Being an Executor of a loved one can be an overwhelming task when you are still grieving their loss. It can be difficult to navigate what the role involves and the duties you have under law.
What is an Executor?
An executor is the person chosen by someone when making their will to deal with their estate when they die. The role involves gathering in the deceased’s assets, paying any debts owed and distributing the estate in accordance with the will. There is no limit to the number of Executors that can be appointed, but it is wise to appoint more than one so that the role can be shared.
Do I have to act as an Executor?
When it comes to the role of Executor, you have 3 options. You can:
- a) Accept the role;
- b) Renounce the role (decline to act and you may not engage as the Executor at any stage thereafter); or
- c) Reserve your right to act (stand aside from being actively involved and if you choose to get involved at a later point, a new application will be required).
What to do next?
- Locate the Will: If you know you are named as an Executor, the first step is to locate the will. The original will is often stored at the solicitor’s office where the deceased person made their will.
- Obtain a death certificate: This is required to determine the valuation of the assets and close off accounts. This is often provided by the next-of-kin.
- Determine the assets: The next step is to locate and secure all assets of the deceased. This includes property, bank accounts, investments, and personal belongings. Valuations of the assets at the date of death will be needed to complete the Statement of Affairs (SA2) for Revenue which details the assets and liabilities of the deceased.
- Determine the liabilities: A list of any debts owed by the deceased must be added to the SA2 form. This may include funeral bills, loans, medical bills and any overpayments made by the Department of Social Protection.
- Locate beneficiaries named in the will: Details of people inheriting under the will must be gathered including names, addresses and PPS numbers. If a beneficiary does not have a PPS number, an application can be made to have one issued.
- Apply to extract a Grant of Probate: Once all the above details have been gathered, an application is sent to the Probate Office to extract a Grant of Probate. This includes a copy of the SA2 which is sent to Revenue, the original will, an original death certificate and a signed Oath of the Executor(s) to faithfully administer the estate.
- Gather in assets: Once a Grant is issued, the Executor(s) can “step into the shoes” of the deceased and cash in bank accounts, sell property and investments and pay off debts.
- Administer the estate according to the will: The last step is to distribute the estate to the beneficiaries in accordance with the terms of the Will.
Last top tips
Keep a record of all expenses: You should not be out-of-pocket from carrying out your duties as an Executor. If you keep a record and receipt of all reasonable expenses incurred, these can be repaid to you from the estate.
Property insurance: If the deceased person had any property insurance policies in their sole name, it is important to have the policy transferred to the Executor(s) names as the person with an insurable interest. This is important as one of the duties of the Executor(s) is to ensure all assets are secured.
Tax: It is important to determine if the deceased is liable for any income tax eg. arising from rental income etc., as the Executor(s) are responsible for this on behalf of the estate.
Please contact our Private Client department if you are named as an Executor and we would be happy to assist to make this process easier for you during a difficult time.