The Executor of the Will
Sorting out all the financial obligations of the person who has died, along with distribution of the remaining assets is the legal responsibility of the executor.
While this may be an individual, bank or trust company, the individuals chosen for this task often come from the close ranks of the deceased person’s circle of trusted parties or family. This can add another level of difficulty and uncertainty as individuals can bring a partial mindset and lack the relevant expertise however well meaning they are.
The appointed person may choose to decline the appointment or step down during the proceedings should it become lengthy or prove too challenging. If the executor chooses to accept the appointment, consulting with specialist advisors at the outset is a must.
One of the first tasks of an executor is to notify each of the beneficiaries who stand to inherit under a will. The beneficiaries have the right to be informed of the value of the inheritance, bearing in mind this value may in the end be rendered null through debt if proves higher than the disposable assets inherent in the estate.