An Executor acts on your behalf after you’ve died – ensuring the intention of your Will is fulfilled.
When you write a Will you appoint at least one Executor – usually two – as trusted representatives who will see that your final wishes are carried out. This may be your next of kin, close family or friends, legal or financial advisers – or a combination. An Executor will typically have to uncover what assets exist, decide whether or not to sell property, determine whether or not probate is needed, decide who gets what and handle any admin – set up or close accounts, pay debts and taxes, notify banks and government departments. The Executor has a duty to make the most of the value of your Estate so that the proceeds can be shared out according to your Wishes.
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TERMS: remembers, an Executor acts on your behalf after you have died. Someone with Powers of Attorney acts on your behalf while you’re alive… so in many ways, identifying that role is even more crucial in case anything happens to you.