Estate Administration can be a complex and confusing job for an Executor.
Being chosen as an executor of a Will can be daunting. After all, Estate Administration is not easy if you aren’t sure what to do. Along with the responsibility to act in the best interest of the beneficiaries you are required to tie up the loose ends of another person’s life, typically a loved one.
The first step is to apply for probate. Once probate is granted, you are now regarded as the personal representative. In a legal sense you are stepping into the shoes of the deceased. Just like you would with your own finances you are responsible for paying debts, taxes, and investing appropriately. In addition to all this you have an overarching duty to follow the Will, and to make sure the beneficiaries under the will are appropriately provided for in accordance with the deceased person’s wishes.
You are put in a position of trust and you must be aware of your legal obligations.
The law requires that certain debts be paid first, and paid out of certain assets. This is to ensure that the Will itself holds up as much as it can. For example, assets in the estates that are not gifted to anybody under the Will should be the first to be used to pay off the debts, and so on.
Estate Administration is not something you deal with on a regular basis. The law requires you to essentially be an expert in the area. In a highly complex area of law things can become quickly overwhelming for you.
The team of lawyers at Vaarzon-Morel Solicitors will take the stress out of an incredibly emotional time in your life. We will provide you with advice tailored to your circumstances and advise you on your rights and responsibilities. We want to ensure that the process of Estate Administration runs as smooth as possible.