After A Death

Administering the Estate of a Deceased (Cont...)

What do PRs do?

A PRs job is to:

• Collect in the deceased's assets ("the estate")
• From the money in the estate, pay off all of the deceased's debts and liabilities including any Inheritance Tax due
• Work out who is to inherit the remaining assets; and
• Distribute the correct assets to the right beneficiaries at the appropriate time.

What is the Grant of Representation?

This is a document issued by the Probate Registry (which is part of the High Court) which gives the PRs authority to collect the deceased's assets and administer the estate.

To get the Grant the PRs have to swear a document (called the Oath) that they will administer the estate properly. If the deceased left a Will, the Grant of Representation is called the Grant of Probate. If no Will was left, it is called Letters of Administration.

What is the difference between Trustees & PRs?

The PRs are really only in charge of the deceased's estate during the administration, until it has been distributed to the beneficiaries. Trustees may then take over from the PRs if, for example, a trust arises from the estate. This is where money or assets are held by one set of people (the Trustees) for other people (who are called Beneficiaries), for example for children until they reach 18 years. Often the same people are appointed as Trustees and PRs.

Do I have to act if I'm Appointed?

No! You have a choice before becoming involved. If you choose not to act as an Executor this is called "renouncing". An Administrator who does not want to act is "passed over". However once you have started to be involved in the administration of an estate, you cannot simply change your mind just because things get difficult, although you can retire for a good reason, such as ill health!

Will it cost me anything?

Not if you act correctly! The PRs can seek a solicitor's advice to help to deal with the administration of an estate and the cost is met from the estate. The PRs may also need further specialist advice during the administration, e.g. a stockbrokers advice on investments, and again the cost is met by the estate.

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The articles on legal topics published in these pages are for interest only and are necessarily general in their terms. You should not act (or refrain from acting) on the basis of the information given without specific advice, as the principles and laws concerned may change, and their application will vary according to the particular circumstances.