Ive just been reading a little online about the executors role upon death of the testator. My father said that my grandad once said he was the executor.
"What are an executor’s responsibilities?
In general terms, an executor's duty is to take charge of the deceased's assets and property, see that the funeral and administration expenses as well as debts and taxes are paid and finally to distribute the assets to the beneficiaries in accordance with the will.
You will have to begin by finding out and making a list of everything the deceased owned or was entitled to. The list could include a home, car, money, bank or building society accounts, furniture, household appliances, jewellery, shares and other investments, insurance policies, superannuation, and holiday pay from work. In addition, if the estate is to be divided between a number of beneficiaries, the assets may have to be valued.
Next you will have to apply to the Probate Registry of the Supreme Court for a grant of probate. Probate is an order of the court saying that the will is valid and that the executor has the right to administer the estate.
When applying for probate you will need to complete a number of forms which are prepared by your Solicitor or are available in blank form from a law stationer. You will also need documentary evidence of death, proof of proper signing and attestation of the will, and details of assets and liabilities
What do I do after probate is granted?
Once probate has been granted, the executor must collect the deceased's assets and take steps to pay the funeral and administration expenses and any debts or taxes – including income tax – the deceased owed.
In view of possible liability for capital gains tax, it is important to find out the date and cost of acquisition of the deceased's assets.
Funeral expenses are to be paid first and there is a particular order in which any other debts must be paid. After funeral expenses are paid, the executor is entitled to payment of any actual expenses incurred relating to the administration of the estate before other debts are paid.
Once debts have been paid, assets are either distributed according to the terms in the will or they are sold so that money can be divided among the beneficiaries.
As executor you might have to contact financial organisations and companies in which the deceased had money invested in order to realise those assets, and become involved in selling various pieces of the deceased's belongings such as jewellery, a boat or car.
A bank account may need to be opened, in the name of the estate, into which all funds belonging or due to the estate must be deposited and from which debts must be paid.
When and how are the assets distributed?
When all assets have been identified and, if necessary, sold to raise cash, and all debts have been paid, the remainder of the estate can be distributed to the beneficiaries.
The executor may distribute the assets if at least six months has passed since the date of the deceased's death and a notice has been published requiring anybody with a claim against the estate to provide particulars of the claim with a specified period – not less than 30 days.
The executor must prepare a distribution report and statement for the beneficiaries – given to them when they receive their share of the estate – showing what the assets were, how much money resulted from any sale of assets and what expenses and debts were paid from the proceeds.
Where an executor is applying to the court for commission for his/her administration, detailed accounts have to be filed at the same time with the Probate Registry and all payments and receipts by the executor properly approved"
What I dont understand is that if the assets are held in a trust structure then the assets should remain in the trust after the death
of the testator. In this case why would you even need a executor to apply for a probate in order divide the estate between the beneficiaries? Should that not reamin the job of the trustee?
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