A will is a legal record that (if properly drafted) must ensure that your property can be allocated in the way you would like after your death so that you can make financial arrangements for your loved ones. Tutors can also be appointed to young people under the age of 18 when drafting a will.
Where there is a will
According to wills, there will usually be an appointment of executors, the people who are today elected to administer the estate of the deceased. This may consist of close family members, close friends or a law firm.
If you have been appointed executive of a will, you may need to apply for a will, an official file issued by the will, which you may need to administer the estate.
Legalizing a will
To obtain a will, executors must submit one will and one oath (jury in front of a lawyer) before the test record for the nearest district. If the value of equity exceeds a set limit, an internal income account must also be sent to the capital tax office and any inheritance tax payable. The oath affirms that the executors will undertake to administer the estate, settle the taxes paid and then distribute the estate's assets in accordance with the will.
Duties of executors
Executors are responsible for ensuring that assets are properly managed. In addition to collecting the deceased's assets and discharging any liability (which includes any inheritance tax payable), the executors must also ensure that the deceased's wishes are met.
The role of its executor
The main tasks include:
- Determine the value of the property and the money owed by the estate - Request the allocation of the estate - Take control of your property and transfer them to your own names. - Develop official copies of inheritance allocation to banking institutions, construction companies, insurance companies together with other institutions - Sell assets - Download debts, taxes and other obligations - Must pay the inheritance mentioned in the will and also the rest in equity - Produce equity accounts and tax returns - Served as a connection with Inland Revenue for more visit this website http://probatecollincounty.com
Manage assets
Once the succession concession is obtained, the executors can continue to use the estate administration. Each equity will be different, but it may include the accumulation of money from financial institutions and the creation of partnerships, shares, shares and bonds, sale of residence and personal results, settlement of outstanding obligations, including funeral accounts, public services, credit cards and loans, etc. Tax return covering the period after the date of loss of life is even the duty of the executors.
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