What is the first thing that an Executor of a Will should do?/ Probate Solicitors Howth Dublin

Описание: What are the duties of executors and administrators?
You are obliged to distribute the assets as soon as possible after the death. You may be sued by the beneficiaries if you do not distribute the estate within a year.

You have a duty to preserve the assets of the deceased until they are distributed and to protect the assets from devaluation. For example, you should make sure that all assets are properly insured.

You have the power to:

Deal with the estate (for example, to sell it to pay debts or distribute to beneficiaries)
Represent the deceased in legal actions and to settle legal actions against the deceased's estate
You must:

Gather together and protect all the deceased's assets such as money, shares and property and find out their combined value
Call in any outstanding funds due (money owing to the deceased)
Pay any debts or taxes owed
Pay the funeral expenses
Make sure that the spouse (or civil partner) and children know about their legal right share
Make sure the entitled beneficiaries or next of kin get what they are entitled to, and that ownership of property is passed on correctly.
If the deceased was receiving social welfare
If the deceased was receiving a social welfare payment, you must inform the Department of Social Protection of the death before distributing the estate. This is to allow the Department to reclaim any overpayment of pension that may have been made. The Department has 3 months to decide whether or not an overpayment was made. If you fail to do this, you may be personally responsible to repay the overpaid amounts. You can read more about social welfare requirements in the Department's document on overpayment recovery.

Capital Acquisition Tax
The executor or administrator does not have to deduct and pay the Capital Acquisitions Tax (CAT) due from the beneficiaries before passing on the proceeds of the will to the beneficiaries. When probate has been granted, the Probate Office sends a copy of the Revenue Affidavit to the Revenue Commissioners.

The Revenue Commissioners will then issue a Form IT38 to each beneficiary who it understands may have a requirement to pay and file a CAT return. The obligation to pay and file a return rests with the beneficiary. See Revenue's Guide to completing the IT38 return.








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