Estate Administration | An Executors Guide

When someone dies, it is firstly, very important to establish whether there is a Will.  If there is a Will, you may find that you have been appointed as an Executor.

As an Executor, it is your job to check whether there are any funeral wishes included in the Will.  It is also your responsibility to deal with any debts and assets the deceased may have had in order to “wind up” their life.

What do I need to do?

• Register the Death, or if someone else has already done this, ensure you have a few original copies of the Registry issued Death Certificate.
• Ascertain whether there are any live debts or assets and contact each financial institution to provide them with a copy of the Death Certificate and Will.
• Make an application for an Isle of Man Grant of Probate.
  • • Once processed, you will receive a Grant which authorises you to deal with the estate administration.
    • Where there are assets outside of the Isle of Man, you may be required to make an application in those jurisdictions also.
• Collect in the assets, this could mean any closing bank accounts and cashing in insurance policies.
  • • If there is any property, vehicles or valuable chattels in the estate, these should now be sold.
• Pay any outstanding debts.
• Prepare a set of estate accounts.
  • • This is very important as you must ensure that there is a clear record of all funds both coming into and leaving the estate and everything balances.
• Ensure all tax affairs are up to date.
• If there are specific gifts in the Will, these should be dealt with now.
• Once you are certain that all debts have been paid and there are no outstanding balances owed to, or due to the estate, and all specific gifts have been made, you can proceed to distribute the estate to the Residuary Beneficiaries of the Will.

MannBenham are here for you

We are here for you to talk through what you need, with years of experience and knowledge. Should you wish for some advice or just to understand your options, please feel free to speak with one of our Private Client Team on +44 (0)1624 639350 or email them at [email protected] to arrange your free initial consultation.

Source: MannBenham Advocates
Estate Administration – written by Shelley Redmond | Article posted on 24 July 2023