ROLL OF EXECUTOR - GRANT OF PROBATE

Selecting an Executor ~ The person named as executor in a will must apply to the Probate Registry for a document known as a Grant of probate which gives the roll of executor legal authority to manage the deceased’s estate and distribute the assets according to the terms set forth in the will. Individuals often select a friend or family member to serve as executor, but you can also appoint a solicitor, bank or accountant to fill the role. Most private individuals have little knowledge of the roll of executor, so they hire a probate solicitor to assist them. A solicitor can handle the large amount of paperwork required of executors. Working with a solicitor can also help reduce the possibility of a legal action being brought by an unhappy beneficiary.

The Roll of Executor ~ Only after the issue of a Grant of Probate does the roll of executor carry any authority. Thereafter the executor is entitled to manage and distribute the deceased’s assets in accordance with the instructions set forth in the will. Managing the estate may involve much more than just distributing inheritances to beneficiaries. The roll of executor may also involve have to pay off liabilities, sell property, liquidate shares and call in the balances on bank accounts. Distributing the residual estate to the beneficiaries as specified in the will is the last step. Extreme caution must be exercised throughout the process because the roll of executor carries with it a personal responsibility to the beneficiaries, and for ensuring that the estate’s tax burdens are met.

Obtaining a Grant of Probate ~ Wills and probate are a complicated area of the law. The application for the grant of probate, in particular, is a complex process requiring an in-depth accounting of the deceased’s assets and finances. The proposed executor begins the process by assessing the deceased’s outstanding debts and liabilities. This initial financial evaluation also includes valuing all of the assets, such as the deceased’s bank accounts and real property. After the assessment has been completed, the proposed executor applies to the Probate Registry for a grant of probate. Upon application, the proposed executor must submit the accounting of the deceased’s assets to the Capital Taxes Office which determines whether an inheritance tax is due.

The next step is for the proposed executor to appear before the Registry and swear an affidavit detailing the deceased, their death and the value of the estate. The original will, not a copy, must be submitted along with the affidavit. The Registry then reviews the application and issues the grant of probate. Once the Capital Taxes Office has had an opportunity to fully review the executor’s account, the executor may be contacted for more information before the figures are approved. Should those figures change, it may be necessary for the executor to submit an amendment to the account. The precise value of the estate is a critical issue because a tax becomes payable if the estate exceeds the current limit.

Free Legal Consultation ~ Our nationwide network of wills and probate solicitors are experienced in handling both contested and non-contested cases. Our select panel of lawyers are capable of representing clients in cases where the validity of a will is in question or when a non-beneficiary is making a claim to the estate. We represent that rare type of solicitor that has both in-depth knowledge of wills and probate law as well as courtroom experience. Contact us today for advice on any matter related to wills and probate. Call us on our helpline or complete the contact form, and a solicitor will provide you with a free consultation. There is no charge, and you are under no further obligations by receiving the consultation.