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  • Thomas Bradley & Co

What is Executry?

Introduction

A Will is vital in making sure that the people you care about and the charities you care about are able to benefit from your estate and the sentimental objects and assets in your life are distributed according to your wishes.


When you write your Will, you will appoint Executors, these are one or two people who you trust to oversee your estate after you have passed away. It is important that you appoint people that you trust as they will have a number of duties. 

 

Definition of Executry

After you pass away, your Will must be administered and once authority has been given; the distribution of the estate and what it holds- this process is known as Executry.

 

However, losing a loved one is never easy and the enormous pressures of winding up your loved ones' estate paired with the stress of navigating the Court system may prove to be too overwhelming as you grieve.

 

There is no set timeframe for the winding up of a deceased's estate, it can take anywhere from six to eighteen months to complete depending on the complexity of the estate and the information available.

 

At this stage, you should consider whether the Will has provisions in place that allow the Executor(s) to appoint a professional body to act on their behalf to oversee the closing of their loved one's estate.

 

Role of Executors and Administrators

There are extensive steps involved in winding up your loved one's estate which ultimately results in a lengthy and timely process. The process involves duties such as:

 

  • Identifying of the deceased's assets and liabilities.

  • Informing HMRC, banks and other bodies of your loved ones passing.

  • Applying for a grant of confirmation or a bond of caution.

  • Paying out any debts and liabilities.

  • The drawing up of an estate account to send to beneficiaries.

  • The closing of the estate by distribution.

 

Being an executor involves a lot of work, and can be a lengthy commitment. Therefore we advise you to think carefully about who you would trust to take on the responsibility of the role when you are writing your Will.

 

Can an Executor be a Beneficiary?

A beneficiary is a person in your Will who will benefit from your Estate and has no duties to administer the estate. However, it is not unusual for an Executor to also be a Beneficiary. The only people who cannot be beneficiaries under a Will are those who witnessed the Will when the deceased signed it.

 

Importance of Understanding Executry

We understand that the Executry process can be stressful and things may slip your mind, or you may not even have knowledge of the full extent of your loved ones' estate.

 

The more information you can provide us or your chosen professional executors, the more accurate the winding of the estate will be.

 

The general details required are:

  • The deceased's full name.

  • Date of Birth

  • Date of Death

  • Address at the time of address

 

The more intricate details will include:

  • National Insurance Number

  • Details of all accounts that the deceased holds (bank, building societies, post office accounts etc.)

 

Importance of professional guidance

 

Thomas Bradley & Co are friendly, sympathetic and above all - we are here to assist you in the winding up of your loved ones' estate and to give you some peace of mind at a time when you will need it the most.

 

Get in touch with us today to speak to our highly trained Executry team who will be able to talk you through the process and answer any questions you may have.

 

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