Your mother has just died and you know what your duties are because you have read my Bitesized Blog on 5 Duties of an Executor. Here are five more things you should know.
1. You are responsible for the funeral expenses and your mother’s bank will usually let you have the money to pay them straight away.
2. If any of the people entitled under her will are abroad, you will probably be responsible for their Inheritance Tax. Think about that before making payments out.
3. You cannot afford to delay at any point. The law allows a whole year for an Executor to do the job. Modern bureaucracy makes it difficult to do everything within that time, but if there are delays they should not be down to you. Think of the consequences if the value of property falls or if the person entitled to a property has to pay extra tax because of a delay.
4. You are responsible for items like utility bills and Local Property Tax on your mother’s property until you notify those entitled that somebody else is now liable.
5. You are personally liable for your mistakes and if the people entitled under your mother’s will suffer losses because of those mistakes, they will have a claim against you.
If you need help being an Executor, you can email bradleys@iol.ie, click the call button, phone 014545138 or use the Contact Form.