okay in today's video on take a look at the role the duties and the powers of an
executor in the administration of estates in other words when somebody
passes away and there's going to be an estate to be administered what is an
executor an executor is the person appointed in a will to administer this
the estate of a deceased person he or she is entitled and obliged to take out
a grant of probate to the estate of the deceased however not all circumstances
will give rise to a grant of probate being required to be taken out in other
words if it's a very small estate with small money in it and no real property
then you may not be only need to take out a grant of probate you go to my
website business and legal authority you'll see the circumstances under which
it's actually not necessary to take out a grant of probate but it is necessary
if the real property in other words a house or a field or a site or something
of that nature and then there's necessity if the assets in this state
are substantial as well because banks won't release money out of accounts
woods is over a certain limit varies from bank to bank but once it's over a
certain limit to what release the money to an executor or the administrator
without a grant of probate having been extracted in an intestacy situation then
an administrator is the correct title so where does a grant of Corbitt and it's
attestation state the deceased made a will it's an executor who administers
the estate and in a test to see situation where no will was made the
administrator is the correct title and either one is known as the personal
representative so they are the personal representative in the administration of
the estate beers and testator in tests Asian states the role of the executor
and an executor needs to prove the will by extracting grant of probate and the
powers and duties of the executor date from the date of the death of the
deceased with the whole state devolving to the executor from that
this an executor does not have to act and may renounce but once he or she
takes on the role he or she cannot renounce at a later date the duties of
an executor than involve ascertaining the precise value of the assets of the
estate and protecting them for example the cobia house or shop or whatever this
will involve ensuring that insurance for example is in place where appropriate
the executor must also ascertain all the liabilities of these days such as taxes
outstanding claims outstanding debts utility bills and so forth he also must
ascertain all the beneficiaries of the estate and check with all beneficiaries
whether they have received any prior gifts or inheritances because that will
have tax implications the executor must also prepare and swear and Inland
Revenue affidavit this will list all the assets and liabilities of these days
it's a form called a CA 24 it's quite a long form it's quite involved and you
may need assistance whether you can do it yourself certainly but it is quite
involved the executor most large then all of the relevant documents with the
probate office and extract a grant of probate once the grant issues he or she
will gathering all the assets and dispose of those not been given to the
beneficiaries the executor must also pay all of the debts and expenses of the
estate so this would include funeral expenses and so forth most distribute
the assets and must make sure that all of the taxes are paid although it is
really a matter for each beneficiary to take care of their own tax honey taxes
will include taxes to by the deceased prior to his or her death death and all
taxes arising out of the administration of the estate so if that's not so much
of an issue now because the probate tax and those types of tax have been done
away with and inheritance taxes and camera games then must really be tasked
with by the beneficiary both the executor needs to be careful
that they're not left with any sort of a liability so they would be when they're
sending out the money quite frankly to the beneficiaries they'd be asking the
beneficiary to sign an indemnity form indemnifying the executor against any
claims for tax against the executor arising from the administration of these
days the executor and must prepare an administration account and he or she
will account for all of the monies received and is forced during the
administration period so this would be bringing in the various assets and the
various amounts the balances of the various accounts histories accounts and
then distributing them and accounting for everything the powers of an executor
then there's statutory powers which come from the succession Act of 1965 and
extra powers can be given by the deceased in the will itself to the
executor statutory powers will include things like the power to sell all or any
part of the estate to pay debts the power to act as a trustee for the
purpose of the settled and likes the power to appropriate and it hardly
estate towards the satisfaction Valley share these days the power to appoint
trustees for an infant beneficiary the power to lease property the power to
mortgage to power to settle claims and disputes so they are all statutory
powers that the executor has rising from or pursuant to the succession act 1965
the powers in the will may include the power to appropriate without serving an
analysis or consent that's appropriate property in satisfaction of for example
the legal right share of spouse the power could also be given to invest or
purchase authorized securities this might be with a view to maybe buying
stocks and shares and holding money for a different beneficiaries or something
of that nature the power also could be granted in a will to employ agents or
managers to manage an estate or manage property or whatever if you are the
personal representative if you've been appointed a personal representative if
been appointed an executor in the will or if you are trying to
administer an estate where no will has been made in other words is in intestacy
situation it's probably a good idea to get legal advice my contact details are
on the screen there as you can see and if you find this video useful I would be
obliged if you give it a thumbs up down below and you may be the interested in
subscribing to my youtube channel I've made a lot of videos about all aspects
of very slow and I tried to explain in plain language plain understandable
language various aspects of various law including property probation personal
injuries employment small business and so forth let's say I hope you find this
useful if you do give it a thumbs up down below thank you