The Executor’s Role
There are several preliminary matters which need attention when acting as an Executor, namely funeral arrangements, location and scrutiny of the Will and ascertaining who will act as the Personal Representative / Executor or Administrator (if there is no Will or no executor named in the Will).
The next step relates to preparation of an Estate Inventory, i.e. a statement of the assets and liabilities of the Estate. This information is necessary to enable the solicitor acting to advise on the administration of the Estate, i.e. whether a Grant of Probate is required and what the requirements of the various financial institutions are to enable the Estate assets to be called in and the liabilities paid.
Grant of Probate
Probate is a Grant issued by the Supreme Court giving the Executor/s of a Will authority to deal with the property (or Estate) of a deceased person. It proves that the last Will presented to the Court is the last Will made by the deceased person. It also allows the Executor/s to carry out the terms of the Will and distribute the deceased’s Estate according to the Will. When the Grant of Probate is shown to assets holders (such as banks etc.) they are able to release any assets held by them to the Executor/s.
