What is My Duty as an Executor: Understanding Your Legal Responsibilities
Posted on 10th November 2023
When a loved one passes away, we are often in a state of disarray. Life will not be the same again, and, in most instances, a sense of sadness and feeling lost can take over. Being an executor of an estate, dividing a loved one’s personal possessions, paying bills, debts, and closing bank accounts, is never a job that anyone looks forward to. Navigating the complexities of being an executor of a Will can be a daunting task.
This blog aims to elucidate the duties of an executor under English law, highlighting relevant legislation and case law. For those seeking professional guidance, MG Legal, solicitors specialising in Wills and Probate based in Lytham, FY8, offer expert assistance in this area.
The Role of an Executor
An executor, appointed through a Will, is responsible for administering the deceased’s estate. This involves a range of duties, from organising the funeral to distributing assets. Given the legal responsibilities involved, understanding your role is crucial.
Key legal obligations of an Executor:
Obtaining Grant of Probate
Under the Administration of Estates Act 1925, an executor's first duty is to apply for a Grant of Probate. This legal document authorises you to manage the estate.
Valuing the Estate
You must accurately value the estate, considering all assets and liabilities. The Inheritance Tax Act 1984 requires an executor to ensure correct tax payments.
Paying Debts and Taxes
The estate’s debts, including taxes, must be paid before distributing assets.
Distributing the Estate
Call us
01253 202 452
Email us
Visit us
Find your local office, here
Our team are available from 9am to 5pm, Monday to Friday, or out-of-hours by appointment.
Request a callback
Potential Challenges
Executors often face challenges, from locating assets to dealing with beneficiaries. Complex estates may involve intricate tax issues or contentious probate, requiring expert legal advice.
Why Seek Professional Help?
MG Legal in Lytham, FY8, specialise in wills and probate, providing valuable support to executors. They can help navigate complex legal requirements, ensuring compliance and minimising the risk of personal liability.
Why choose MG Legal's Solicitors in Lytham?
Transparent fees.
We are the experts.
Multiple office locations.
Regular communication.
Conclusion
Being an executor carries significant responsibilities. With the right guidance, you can fulfill your duties effectively and with confidence. For expert legal assistance, consider consulting MG Legal, Wills and Probate solicitors in Lytham.
Contact Us Today:
Or give us a call on 01253 202 452.
Clear, fixed-fees
Fully-Qualified Solicitors
Tailored Service
Multiple Office Locations
Decades of Experience
Home Visits
Tagged as: Solicitors in Lytham, Wills
Share this post: