If you become an executor of a Will, you will have many responsibilities. You could, for example, be expected to pay any outstanding debts from the estate, keep any accounts in an appropriate manner and be responsible for dealing with tax bills like capital gains. It is advisable to use the services of solicitors in Caernarfon to help you through the complexities of the role.
With legal expertise provided by a solicitor, you will be able to complete tasks such as valuing an estate or a certain property. It is important that the final amount is correct, so having guidance can ensure that the total is correct and no asset is missed out from the evaluation.
As an executor of a Will, you may also be expected to deal with an estate which is unable to meet its debt obligations. You would then need to deal with each creditor and negotiate repayments which will satisfy them. Your solicitor could support you to apply for an Insolvency Administration order, which makes sure all insolvency rules are abided by.
Distributing assets will also be your responsibility. Having a Grant of Probate is essential before you can do this and probate solicitors in North Wales will support with this task. You will be expected to track down each beneficiary and ensure they each receive what is gifted to them in the Will.
Contact us now at Bennett Smith Solicitors and ask for an appointment with a legal expert to discuss your role as a Will executor.
