What is an Executor and what do they have to do?
- When someone dies, the Executor is the person who has responsibility to find out what their assets and liabilities are, pay all the debts and then distribute the balance in accordance with the will or the laws ofintestacy.
Executors other duties include:
- arranging the funeral
- lodging taxation returns and making sure all tax is paid (the Executor is personally responsible for any unpaid tax).
- take control of any business or farm and ensure that assets are not lost or stolen or perish.
- if necessary, sell assets to raise funds to either pay debts, taxes or distribute to beneficiaries.
- distributing the assets to beneficiaries (or the proceeds of sale of the assets).
- keep financial accounts of what has been done.