After a death, many matters come at relatives at once. An executor can take charge of managing the estate and bring structure to the settlement. What an executor may do depends on the law and on what the deceased person recorded in the will.
The main duties
An executor is appointed in a will and must accept that appointment. In most cases, the executor lists the assets and debts, manages the estate, pays debts that must be paid during that management and prepares the inheritance tax return. This may include collecting bank details, requesting outstanding invoices and contacting organisations. Sometimes the will also instructs the executor to arrange the funeral.
The executor must inform the heirs and eventually account for the work carried out. A clear estate inventory and a careful overview of income and expenses help with that.
May an executor divide the inheritance?
An ordinary executor manages the estate and prepares it for distribution. That does not automatically mean the executor independently decides who receives which asset. In principle, distribution is done by the heirs together, taking account of the will and the law. If the will gives broader powers, for example through settlement administration, the role may be wider. Always have the will reviewed before assuming what an executor may do.
A notary has a different role: a notary can advise, prepare documents and, where needed, issue a certificate of inheritance. A notary does not automatically take over management of the estate.
When is support useful?
Support is especially valuable when there are several heirs, a home, a business or unclear debts. The Inheritance Guide helps map out the work and organise the settlement. Where questions arise about exact powers under a will, we involve a notary where needed.
Would you like to know who may arrange what in your situation? Contact The Inheritance Guide.