Executor – what does it mean?
|Sounds like someone who executes and basically thats what they have to do. To execute means to carry out or perform as well as its more sinister meaning. One who executes another is called an executioner but a person who carries out or performs the instructions given to him in a Will is called an “Executor.”|
What does an Executor do?
The job is to find out what the assets and liabilities of the deceased person actually are i.e. what they own or have an interest in and what they owe. The total of all of the assets is called “the Gross Estate” and when the liabilities are deducted you are left with “the Net Estate.”
When you know both you can apply to the court for a Grant of Probate which will enable you to gather in all of the assets and pay off the liabilities. The Net estate is then distributed in accordance with the instructions in the Will.
Does an Executor pay Tax?
No. The Executor is responsible for paying the tax but it is paid out of the assets of the Estate. The Executor does not have to pay the Tax from his own pocket.
Inheritance Tax is payable on the Net Estate if it is above the tax threshold which is presently £325,000.00. You will find out all the exemptions and rules by clicking on the imagewhere you will find what as an Executor you need to know.
What is a Personal Representative?
When the Grant of Reresentation is issued by the Court the person or persons who made the application are named as the Personal Representatives. For a Grant of Probate the Executor is the Personal Representative and on an intestacy the Court issues a Grant of Letters of Administration and the named Administrator is the Personal Representative.
So how do you get a Grant of Probate?
You make an application to the Court which means you have to fill in some forms.
Where do you get them?
What do you have to do before you can fill them in properly?
Well these questions and others are answered on this site. All you have to do is click on the image below or the link above and see what we offer and how we can help you to obtain a Grant of Probate simply, easily and cheaply. Being an Executor does not have to be scary. We take you through the process with help at every step. So why not have a look.