What is a executor in a will Birmingham
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What is a executor in a will?
One large point of confusion when it comes to executry law in the UK is with regards to wills. Actually, the reality is that UK executry law is a complicated subject and this is why it is always in your best interests to seek professional legal assistance if you plan to create your own will. There are so many complexities involved in making a will and there is always a good chance that some of the stipulations or even the entire will itself may be rendered invalid if you attempt to write your will on your own without the help of a reputable wills and estate solicitor. For example, are you aware of what is a executor in a will? Do you know how many executors you want to assign? How complex is your estate? Do you know how to reduce or avoid the estate tax on some of your properties? Are there particular pieces of property that you want to assign to specific beneficiaries?
What is a executor in a will?
Naturally, you may have a vague idea of the answers to those questions, but in order to make it clear just what is a executor in a will, let us discuss this particular subject.
In the process of winding up the affairs of the deceased, it is necessary for someone to actually act and settle all of the deceased’s outstanding debts and to distribute their estate to the assigned beneficiaries either testate (as dictated by a will) or intestate (as indicated by law if there is no will or if the will is invalid).
This is where the executor comes in. Basically, to answer the question of what is a executor in a will, the executor is the person who is tasked with winding up and settling all the affairs of the deceased. What is more, the executor may also be made financially liable for any errors in the distribution of the estate of the deceased.
What is the time frame for the administration of an estate
The time frame for the administration and final settlement of all the affairs of the deceased will vary according to the complexity of the estate. In general, however, there are actually several duties and responsibilities that come with being an executor. You will need to apply for a grant of probate. This will cloak you as an executor with the legal authority to actually deal with banks and other institutions on behalf of the estate. This is only the tip of the iceberg however. The arrangements for the funeral, the payment of estate tax through the estate of the deceased and the gathering of information as to all the assets, properties, finances, as well as debts of the deceased all form part of your responsibilities as an executor.
In general, it can take up to a year or more to fully settle the estate.
Can A Beneficiary Be Named As An Executor?
Yes, it can be done. There are no legal impediments to this. Of course, a beneficiary cannot be a witness to the will itself as this is contrary to law.
Specialist Executry Lawyers, we can help with Living Trust, Will Writing, Wills and Probate, Power of Attorney, Guardianship Orders, Tax Inheritance or Estate Planning
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