When a loved one dies it is a stressful time. Acting as Executor for their Will is a very responsible position to be taking on. Funeral plans and arrangements may need to be sorted very quickly. On the other hand, sorting out finances and property can be a long and difficult process that takes time and commitment to get right. Not forgetting trying to deal with your grief at the same time.
We have made a list of six things that are worth knowing if you are acting as an Executor. These should help to make the process as smooth and stress-free as possible.
- You have to keep accounts of the distribution of all property and money, which the courts or beneficiaries can request to see.
- Keeping accounts includes valuing everything that the deceased person owned.
- You can be personally liable for any debts you don’t pay.
- Banks will generally pay funeral bills before probate comes through.
- A beneficiary can vary their gift by a formal deed called a Deed of Variation, but this must be done within two years of the person’s death.
- You can get help from a solicitor. Not only will this reduce the amount of time you need to spend sorting things out during a stressful period, but it will also ensure you get everything right and avoid any complications later on.
At Acorn Solicitors Street and Taunton, we provide sensitive legal expertise at a difficult time. Get in touch for a free consultation, after which we can offer you a fixed quote at a reasonable price for help as Executor.