{"id":428,"date":"2017-03-24T15:58:08","date_gmt":"2017-03-24T15:58:08","guid":{"rendered":"http:\/\/mulroyandcompany.ie\/main\/?page_id=428"},"modified":"2020-08-08T22:09:54","modified_gmt":"2020-08-08T22:09:54","slug":"ive-been-appointed-an-executor-what-does-that-mean","status":"publish","type":"page","link":"https:\/\/mulroyandcompany.ie\/main\/ive-been-appointed-an-executor-what-does-that-mean\/","title":{"rendered":"I’ve been appointed an Executor. What does that mean"},"content":{"rendered":"

 <\/p>\n

If you have been appointed an Executor by a deceased relative or friend, this means that you have to extract a Grant of Probate<\/u><\/strong> in the estate of the deceased person. Your solicitor will assist you in this process.<\/p>\n

 <\/p>\n

As an appointed Executor, you have both powers and duties which commence on the date of death. The estate of the deceased person including all of their assets ( house, bank accounts, car etc) \u00a0passes on to you temporarily as Executor until such time as a Grant of Probate issues and you can give effect to the bequests contained in the\u00a0Will.\u00a0 Your solicitor will guide and advise you throughout the process and simplify the process for you as far as possible.<\/p>\n

 <\/p>\n

Below are some of the primary duties which fall on you as an appointed Executor. This list is by no means exhaustive and particular issues will arise depending on the estate.<\/p>\n

 <\/p>\n

(i)<\/strong>\u00a0 Ensure that the wishes of the deceased are given effect to in so far as they relate to\u00a0funeral, interment etc and ensure that a death certificate is obtained by next of kin.<\/p>\n

 <\/p>\n

(ii)<\/strong>\u00a0Ascertain the extent of the deceased person\u2019s estate.\u00a0 Correspondence in the deceased\u00a0person\u2019s possession at the time of death will assist in this regard. It may be necessary\u00a0to contact various financial institutions to find out if the deceased held bank accounts\u00a0with them. Additionally, if the deceased person lived in other countries for periods\u00a0during their lives, investigations may have to be carried out in those countries also.<\/p>\n

 <\/p>\n

(iii)\u00a0<\/strong>The appointed Executor must ensure that all debts owed by the deceased at the time of death are\u00a0accounted for and paid out of the estate.The executor must also ensure\u00a0that all funeral expenses are paid.<\/p>\n

 <\/p>\n

(iv)<\/strong>\u00a0The Executor must trace all of the beneficiaries outlined in the deceased person\u2019s Will.<\/p>\n

 <\/p>\n

(v)<\/strong>\u00a0With the assistance of a Valuer, the executor must ensure that a value of the deceased\u00a0person\u2019s estate is arrived at. This is important for Revenue purposes.<\/p>\n

 <\/p>\n

(vi)\u00a0<\/strong>An account of all of the assets and liabilities must be made to the Revenue\u00a0Commissioners.\u00a0 If the Revenue is satisfied with the account made (called the\u00a0Schedule of Assets), the Office of the Revenue Commissioners will issue a Certificate\u00a0which will enable the executor to apply to the Probate Office for the Grant of Probate.<\/p>\n

 <\/p>\n

(vii)<\/strong>\u00a0As Executor, you must insure that, pending the Grant of Probate and distribution of the\u00a0estate, the assets are protected.\u00a0 For example, if the assets include a dwellinghouse or\u00a0apartment, the Executor must ensure that the property is insured in the event of fire or\u00a0theft.<\/p>\n

 <\/p>\n

(viii)\u00a0<\/strong>When the Grant of Probate has issued, the appointed Executor must distribute the assets in\u00a0accordance with the Will (which the Grant of Probate has now validated). The\u00a0executor must also ensure that all taxes due on the bequests are paid and that the\u00a0relevant Tax Clearance Certificates are obtained from the Revenue Commissioners.\u00a0\u00a0See Inheritance Tax<\/a><\/u><\/strong><\/p>\n

 <\/p>\n

(ix)<\/strong>\u00a0When the estate is finalised and all of the bequests have been settled, the Executor\u00a0must produce a set of Estate Accounts which outlines all money received and paid out. Beneficiaries are entitled to see these accounts under the law.<\/p>\n

 <\/p>\n

(x)\u00a0 <\/strong>At all times, the appointed Executor must ensure that he\/she manages the deceased person\u2019s affairs in the same which a prudent person would manage their own affairs.\u00a0 The Executor will have been chosen by the deceased person because the deceased person trusts him\/her to carry out their wishes. If you have any queries regarding your role as Executor please Contact Us.<\/a><\/u><\/strong><\/p>\n

 <\/p>\n

A Grant of Probate is not necessary in the following circumstances:<\/h4>\n

 <\/p>\n

\n
    \n
  1. If a person dies leaving small amounts of money in a bank, building society etc in his\/her own name, that financial institution may agree to release the funds without the necessity for a grant.\u00a0 The financial institution\u2019s decision is final.<\/li>\n
  2. If a person dies leaving assets which were held by him\/her jointly with another or other persons, those assets as a general rule become the sole property of the survivor\/s on the death of the deceased. In cases of doubt, the intention of the deceased at the time the joint account was created is relevant.<\/li>\n
  3. If a person dies and leaves no assets, there is generally no need to extract a grant.<\/li>\n<\/ol>\n<\/div>\n

    <\/h4>\n

    What do I need to bring to my Solicitor when applying for a Grant of Probate?<\/h4>\n

     <\/p>\n

    1.<\/b>\u00a0 The Death Certificate of the Deceased.<\/span><\/p>\n

    \n

    2.\u00a0 <\/b>The receipts of any expenses including funeral expenses.<\/p>\n

    3<\/b>.\u00a0 The Original Will and any Codicils that may be available.<\/p>\n

    4.\u00a0\u00a0<\/b>Names and addresses of any beneficiaries or next of kin.<\/p>\n

    5.<\/b>\u00a0 The PPS (PRSI) numbers of all beneficiaries and next of kin.<\/p>\n

    6.<\/b>\u00a0 List of Assets of the Deceased including property, bank accounts, shares, cars, personal items, etc.<\/p>\n

    7.<\/b>\u00a0 Date of Birth and PPS (PRSI) number of the Deceased.<\/p>\n

    8.\u00a0\u00a0<\/b>Details of any Company ownership of the Deceased.<\/p>\n

     <\/p>\n<\/div>\n

    We are here to help. Please do not hesitate to telephone us at 091 – 586760 or email<\/a> us to discuss your claim.<\/p>\n

    Enquiry Form<\/strong><\/h4>\n