Posts tagged “Executors”

The Law Society has urged people to include ‘digital assets’ such as emails, photos, social media accounts, websites and domain names, or cryptocurrencies in their Wills
 
The Law Society commissioned a survey which found that more than nine out of ten people who have a Will have not included their digital assets. 
 
Their research showed that three quarters of the 1,000 people questioned didn’t know what happened to their online presence after they die. 
When someone dies, a personal representative (PR) is appointed to manage their estate (money, property, and possessions). If the PR is named in their Will, they are known as the executor. Part of a PR’s role is to close any bank accounts, but sometimes this isn’t straightforward and there can be several challenges. 
If someone asks you to be an executor for their Will you will be responsible for making sure their estate is properly wound up and that their wishes are carried out. 
 
There are legal responsibilities associated with being an executor, including: 
registering the death 
arranging the funeral 
valuing the estate 
paying any inheritance tax 
applying for probate 
resolving finances 
distributing the estate 
keeping estate accounts. 
 
All the costs of administering the estate and receipts should be recorded. 
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