PROBATE Role of Executor
If you are asked to be an Executor in a Will or discover you are appointed as one, there are prescribed duties to be undertaken. Depending on the Will, thiscan be straightforward or quite complex and time consuming. The solicitor acting for the deceased, will provide advice and guidance.
Put simply, the main function of an Executor is to gather all the deceased’s assets, pay off their debts, and then distribute the balance in accordance with the Will. This is called the ‘administration of the estate.’Usually, a Will will have more than one Executor, so the functions to some extent are shared. While in some cases the beneficiaries will be easily identified, there will be cases where a beneficiary may be harder to find but nonetheless, all beneficiaries must be located.
If, for whatever reasons, you do not wish to be an Executor, discuss this with the solicitor. In this circumstance, the other Executor or Executors will perform the role, and you can renounce your position as an Executor.
Obtaining a Grant of Probate
The first step is to obtain a Grant of Probate. The solicitor, in coordination with the Executors, will seek to extract this from the Probate Office. This document is very important as it empowers banks, brokers and other entities to hand over assets to the Executor's solicitor and authorises a sale of the deceased's property by the Executors. These entities would refuse to do so unless there is a Grant of Probate.
To obtain the Grant of Probate, the executors must complete a tax form that sets out all the assets and liabilities of the deceased person. Once all the required information is collected for the Grant of Probate, it is submitted to the Probate Office. There is no set time for the processing of the grants, it can vary depending on the workload in the Probate Office and the complexity of the application, but an estimate would be four to six months. The application can be expedited in limited circumstances, if there is an urgent matter to be dealt with such as a sale of the deceased's property that has been agreed.
Executor’s Duties
Some of the matters that an Executor may have to deal with are:
- Jointly owned assets like a family home or business. These revert to sole ownership of the surviving joint tenant on the death of the other joint tenant;
- Pension and insurance;
- Assets owned outside Ireland;
- Dealing with Revenue Commissioners and income tax of the deceased;
- Insuring assets until they are sold or vested in the beneficiaries;
- Challenges to the Will , which may potentially involve court application;
- Objections to your appointment as an Executor;
- Keeping a record of all dealings of Executors;
- Documenting and lodging all funds realised to the Executor's account and paying the funeral and testamentary expenses such as funeral costs before distributing the net proceeds to the nominated beneficiaries.
If in any doubt about your role as an Executor, ask your solicitor for advice.