When someone passes, the Executor of the estate is responsible for distributing anything left in the will to their beneficiaries.
Those who are due to receive funds may be keen to find out how long they will have to wait. If you are an Executor or Administrator for a deceased estate then it would be wise to let the beneficiaries know that they may have to wait a long time for their inheritance.
The Executor’s job
Gather the assets. Valuate them as accurately as you can; it is your duty after all.
There are a few things that need to happen when someone dies, specifically any debts and taxes. You’ll want to calculate inheritance tax or any taxes the person owes and make sure those are paid. You’ll also often need to request a Grant of Probate or Letters of Administration from the government This gives the official authority to deal with the deceased’s affairs on their behalf.
Once all debts have been paid and assets collected, the Executor or Administrator will need to prepare detailed estate accounts.
You can’t afford to experience any errors in your administration and accounting, so you have to do everything properly. It is possible to appoint a professional to deal with the administration if you do not have anyone able or willing to take on the role. Alternatively, if you are the executor or administrator of your loved one’s estate, you may be able to arrange for a solicitor to handle much of the paperwork on your behalf. This will reduce the amount of time you’ll have to spend filling out documentation.
Which bequests are given priority?
When it comes time to distribute the assets, there are some important things you need to know. The executor or administrator is first obligated to take care of all legal and administrative expenses, and payments must be made in order of legal entitlement.
Pecuniary legacies (specified share of the will) are usually paid out first. Residuary legacies are divided after all other financial obligations have been paid. The estate is typically the part of any person’s property left behind after their death. In some cases, this can be less than the deceased may have anticipated if large sums were paid out in care home fees. It’s even possible that there’s nothing for you to inherit. If this becomes apparent early in the process, you should let your residuary beneficiaries know as soon as possible.