An executor of a will and a person with power of attorney are both individuals appointed to help manage another person's finances and affairs. For example, the executor can’t remove some people from the will or add others because this isn’t his or her decision to make. Due to the potential complexity of some wills and various family situations, no two executors perform precisely the same duties. This is true even when the deceased didn’t express all wishes clearly in his or her will. Our team at Hugill & Ip has extensive experience in dealing with Hong Kong’s complicated testamentary, probate and inheritance laws – so if you need further advice on these subject, get in touch with us to find out how we can help. The executor can’t sign the will on behalf of someone who has already died. Immediate steps after a death The death should be registered as soon as possible after […] An "executor" is a personal representative who is responsible for distributing the estate (property, assets, possessions) of an individual according to the wishes outlined in their Will. The responsibilities of an executor include: Close friends and family members are often chosen to be the executors of their Will, but most of all, the executor is chosen because he/ she was entrusted by the testator to carry out the duties faithfully and diligently for the benefits of the beneficiaries. Executors will continue as trustees if money is held for under-age beneficiaries. At a high level, what does an executor actually have to do? If the beneficiaries feel at any point that the executor is not following performing their duties correctly, they can bring the case before a judge and request that he or she remove the executor. An executor must be named in a will, and the role only comes into effect once the person they have been nominated to act as an executor for, dies. However, an executor can’t steal from the estate, refuse to communicate with beneficiaries, or needlessly delay payments. The length of time that it takes to administer an Estate will vary depending on the size and complexity of the Estate, as well as how much time the Executor is able to commit to it and their proficiency in carrying out their duties. LexisNexis | Leading Estates Cases: Disputes Between Beneficiaries and Executors or Administrators. Please contact us today to learn more. If you do decide to act as an Executor, you have certain responsibilities and duties which are imposed by law. Remember, you will always have an attorney at your side to help you. Executors should make this decision if they either do not feel comfortable with the paperwork of administering an estate, or feel it is too much work on top of their day to day work and living. Independent law firm in Hong Kong providing bespoke legal services and exceptional client service to individuals, families, entrepreneurs and businesses, locally and internationally. There are a number of important responsibilities of an executor, which can be summarized as follows: You may have to make decisions about which assets to sell and which to distribute to heirs. The executor has authority from the county probate court to act in this role, but that doesn’t necessarily mean that the executor … If you’re the executor of the estate you’ll have a number of responsibilities, such as: making sure the property owned by the person who has died is secure, as soon as possible after the death collecting all assets and money due to the estate of the person who has died (including property) close the bank accounts of the deceased, including MPF accounts; sell the real property of the estate, unless the beneficiaries agree to take on the legal title; settle all debts and liabilities, including taxes; and convert all other assets into cash for distribution. If you have been named as the Executor of someone’s Will, you may decide not to take on the role. Address not recognized. Due to the potential complexity of some wills and various family situations, no two executors perform precisely the same duties. After you pass away, your executor has the general task of sorting out your finances. Its contents do not constitute legal advice and readers should not regard this article as a substitute for detailed advice in individual instances. Notify Banks, Credit Card Companies, and Government Agencies of the Decedent’s Death So, what does an executor do, exactly? Moreover, Alfred helps clients with issues regarding Family Law. However, most do share the following responsibilities: If someone challenges the will or … Now you know what an Executor of a Will does, what power do they have in practice? Power and Duties of the Executor of a Will, https://www.hugillandip.com/wp-content/uploads/2019/02/rawpixel-648562-unsplash-1-e1549703775933.jpg, https://www.hugillandip.com/wp-content/uploads/2019/09/hugill-and-ip-solicitors-Alfred-Ip_500x700.jpg, For performance and security reasons we use Cloudflare, Google Analytics tracking code disabled/enabled, video embeds (e.g. Executor's … After the probate is issued, the executor will have to carry out the following steps: The executor may have the power to postpone the conversion of any assets into cash. The executor of a will won’t have any power until the owner of the will dies. I have been an Executor a coouple of times. Power to invest the estate to generate income for the benefits of the estate, however such power should be exercised with caution in order not to breach the executor’s duties to the beneficiaries. The executors’ role ends when all distributions are made to adult beneficiaries, and all expenses and tax have been paid. An executor of a Will is the person nominated to take care of a deceased person's estate after they pass away. This document gives the Executor the legal power to deal with the estate. Executors are given some powers under the laws of England and Wales, but it is common for solicitors and will writing professionals to include additional provisions in wills they provide. Texas Real Estate Commission Information About Brokerage Services: If someone challenges the will or it ends up in probate court, the executor helps to validate it. The Executor can apply for a Grant of Probate whenever he or she likes – there is no set deadline in England and Wales. The principle power of an executor (or administrator) is the right to manage and distribute the estate of a deceased person. 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