Have You Agreed To Be An Executor?

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Many parents nominate their children to be their executors. However, in a recent survey of 2,000 people in the UK, less than 25% of children knew anything about their parent’s banking. Even fewer knew anything about their parents’ investments and loans.
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This week I am writing about the role of the executor. As well as how the person appointing them can make their life easier. Executorship of an estate with assets in more than one country can be a time-consuming process. It often requires professional assistance. Doing simple things can make matters run smoother.
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What Are The Duties Of An Executor?

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An executor is a person responsible for the administration of the deceased’s estate after their death. They have 5 jobs to complete:

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1. To identify all the assets and liabilities of the deceased
2. They must pay any debts due
3. To submit final tax returns to the relevant authorities and pay any taxes due
4. They need to obtain probate, which is permission from the courts to distribute assets
5. To distribute the assets according to the Will or as instructed by the court.

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Whilst this may seem straightforward, if there is no list of assets and liabilities, there is a strong likelihood that assets may not be identified. This means heirs may not receive their correct inheritance.
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How To Protect Your Inheritance

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At Great British Wills, we provide each of our clients with a Life Archive document. Our Life Archive document is kept with the Will. In addition to assets and liabilities, it lists useful information for executors, such as contact details of family members, doctors, lawyers, and other professionals.
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Keeping the Life Archive up to date is the key to maintaining its relevance. For a limited period, we are giving away a copy of this document. Sharing the Life Archive with the person who has appointed you as their executor should make your job easier when the time comes.

Alternatively, you can use it for your own Will. If you would like a copy of the Life Archive, please complete this form and we will send it to you.
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If you would like to review your Will or discuss the preparation of a Will, please contact me or what’s app on 050 594 5217.