When you prepare your will one of your most important decisions will be who to choose as executor. The executor is the person or persons who you name to be responsible for carrying out your wishes after death and distributing your assets according to your wishes. Often people nominate their spouse, their children or specialist trustee companies.
The executor’s responsibilities include:
- Identifying and collecting all of the assets of the estate and arranging for valuations, if necessary.
- Looking after any special wishes that the deceased person may have included in the will.
- Determine what debts existed and attend to payment of those.
- To apply for a grant of probate at the probate office.
- Maintain or wind up any businesses.
- Arrange for tax returns to be prepared and attend to payment of taxes.
- Take or defend legal action on behalf of the estate.
- Finalise the estate by selling assets or transferring them to beneficiaries.
