A Guide To Executors and Trustees Duties In Probate from Expert Probate Solicitors Gray Hooper Holt

The assets of the deceased vest in the executors on the terms of the will as soon as the death occurs. From this point onwards, the executors are responsible for the estate of the deceased.

The Executors are responsible for finding the assets and identifying the debts. This may involve a thorough search! Many assets are never found and remain in limbo indefinitely. They are also responsible for paying any taxes due during the lifetime of the deceased and following his death and they are responsible for the debts to the extent of the estate. If they distribute the estate when there are outstanding debts they have to pay these out of their own pockets! This is one of the many reasons why it is sensible to have an expert probate solicitor on your side to ensure that you are protected and the estate is completed in the correct way.

There is a way of advertising for debts and of getting clearance on tax matters to protect the executors. Executors should preserve the property by ensuring that it is properly insured where relevant and stored securely. They also need to find and identify the beneficiaries. Again there are ways of protecting them by insurance if a beneficiary cannot be found after a thorough search.Executors are responsible for distributing the estate in accordance with the will.

The executors job takes typically a year but a trustee has a much longer term commitment. The powers and duties of trustees are extensive but include preserving the trust property, complying with the terms of the trust, acting impartially between beneficiaries, keeping accounts and providing information to beneficiaries. They are responsible for all taxes on monies in their hands. They may have discretions and powers to exercise wisely after taking advice and they must keep up to date with their trust and meet regularly with meetings being minuted. They must act at all times in good faith and in the interest of their beneficiaries

Choosing The Right Wills and Probate Solicitors Matters

Choosing the right solicitor for your probate matters can be the difference between absolving your obligations or making them more complicated and perhaps costing you personally. Choosing Gray Hooper Holt Solicitors will ensure both your own interests and those of the estate are properly discharged. Please call us on 0808 178 9002 or complete our free enquiry form.

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