Executor and wills

[Loki]

Hi,

I was made the executor of a will a while ago and never really bothered me. I was talking to my brother in-law and he told me he had a nightmare time when he did it for his brother's estate. That was america and there was a live in partner.

What exactley does it involve here?
Who pays funeral costs the estate or family?

I think there is going to be trouble about the house due to it increasing value. One side of the family are already bitching about their responsibility and what they have done over the years etc... Can it just be handed over to a solicitor?

 

[polo1]

HI

My other half has just been made executor too and it is not an easy job especialy if their is disputes. Broadly speaking here are the duties and what is expected from you.

Generally, you are obliged to distribute the assets as soon as possible after the death (within a year if possible - you may be sued by the beneficiaries if you do not distribute the estate within a year). This may not be possible if there are legal issues to be decided).
You are under a duty to preserve the assets of the deceased until they are distributed and to protect the assets from devaluation. For example, you should make sure that all assets required to be insured are insured for their market value.
You have power to:

deal with the estate (for example, to sell it to pay debts or distribute amongst beneficiaries)

represent the deceased in legal actions and to settle legal actions against the deceased's estate.
You must:

gather together and protect all the deceased's assets (money, shares, property, etc.) and find out their combined value
call in any outstanding funds due (money owing to the deceased)
pay any debts or taxes owed
pay the funeral expenses
make sure that the spouse and children know about their legal right share
make sure the entitled beneficiaries or next of kin get what they are entitled to, and thatownership of property is passed on correctly.
Good Luck!

 

[woods]

It is a very serious matter now because if the Revenue Commisioners discover in 10 years time that the person had an "offshore bank account" or a "lump sum whatever" and you have distributed all the money in the estate then you are responsible for paying the tax.
Do not take the risk unless it is a close family member and you know for sure that there has never been any hanky panky that could come back to bite you.