6 Things Worth Knowing About Acting as Executor

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Executor

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.

  1. You have to keep accounts of the distribution of all property and money, which the courts or beneficiaries can request to see.
  2. Keeping accounts includes valuing everything that the deceased person owned.
  3. You can be personally liable for any debts you don’t pay.
  4. Banks will generally pay funeral bills before probate comes through.
  5. 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.
  6. 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.

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