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Executor Responsibilities?

An executor’s duties will usually include locating, collecting, assessing and managing the estate’s assets; arranging the discharge of debts and taxes owing by the estate; distributing cash gifts and specific item gifts in accordance with the terms of the deceased’s will; and entering into appropriate contracts to effect the transfer of real property from the estate to the relevant beneficiary named under the testator’s will. It is also the executor’s duty to report the testator’s death to insurance companies, banks, and other institutions that might owe money to or hold money on behalf of the estate. All these tasks are part of the probate/administration of the deceased’s estate.

 

 

An Executor will also have a number of other duties. Typical Executor duties include the following:

 

1 - to take possession of the deceased's property;

2 - to manage, protect and preserve the estate for example items such as money, shares and property and find out their combined value ;

3 - to prepare an inventory of all the probatable assets and property owned by the deceased at the time of death. This inventory should be prepared within a specific time frame, usually three months. The inventory should list each item of property together with its market value at the date of death of the deceased, as well as set out details of any encumbrances registered against the asset in question. Where market valuations have been carried out, details of the valuation agent used should also be included;

4 - to publish a creditor’s notice in a newspaper circulating in the county in which probate is filed once a week for three successive weeks. The notice should stipulate that the deceased has died, provide details of your appointment as executor and state that creditors of the deceased’s estate can present details of any claims they might have against the estate for a period of three months following the date of first publication. Once this period of time expires, creditors will no longer be able to take a claim against the estate;

5 - to decide which creditors' claims should be allowed and which should be disallowed; and

 

6 - Other duties include:

  • pay any debts or taxes owed

  • pay funeral expenses

  • make sure that the spouse/civil partner and children know about their legal right share

  • make sure the entitled beneficiaries or next of kin get what they are entitled to, and that ownership of property is passed on correctly.

The above is just a summary of executor duties and responsibilities; many other duties and powers exist.

 

 

 

For more detailed information on the topic above and other issues relating to Irish wills, read our Last Will & Testament Kit written by an Irish Solicitor to answer all your questions.

 

 

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