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The Powers, Role and Duties of Executors in Irish Law - YouTube
Channel: Terry Gorry Solicitor
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okay in today's video on take a look at
the role the duties and the powers of an
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executor in the administration of
estates in other words when somebody
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passes away and there's going to be an
estate to be administered what is an
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executor an executor is the person
appointed in a will to administer this
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the estate of a deceased person he or
she is entitled and obliged to take out
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a grant of probate to the estate of the
deceased however not all circumstances
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will give rise to a grant of probate
being required to be taken out in other
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words if it's a very small estate with
small money in it and no real property
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then you may not be only need to take
out a grant of probate you go to my
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website business and legal authority
you'll see the circumstances under which
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it's actually not necessary to take out
a grant of probate but it is necessary
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if the real property in other words a
house or a field or a site or something
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of that nature and then there's
necessity if the assets in this state
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are substantial as well because banks
won't release money out of accounts
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woods is over a certain limit varies
from bank to bank but once it's over a
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certain limit to what release the money
to an executor or the administrator
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without a grant of probate having been
extracted in an intestacy situation then
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an administrator is the correct title so
where does a grant of Corbitt and it's
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attestation state the deceased made a
will it's an executor who administers
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the estate and in a test to see
situation where no will was made the
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administrator is the correct title and
either one is known as the personal
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representative so they are the personal
representative in the administration of
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the estate beers and testator in tests
Asian states the role of the executor
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and an executor needs to prove the will
by extracting grant of probate and the
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powers and duties of the executor date
from the date of the death of the
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deceased with the whole state devolving
to the executor from that
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this an executor does not have to act
and may renounce but once he or she
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takes on the role he or she cannot
renounce at a later date the duties of
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an executor than involve ascertaining
the precise value of the assets of the
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estate and protecting them for example
the cobia house or shop or whatever this
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will involve ensuring that insurance for
example is in place where appropriate
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the executor must also ascertain all the
liabilities of these days such as taxes
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outstanding claims outstanding debts
utility bills and so forth he also must
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ascertain all the beneficiaries of the
estate and check with all beneficiaries
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whether they have received any prior
gifts or inheritances because that will
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have tax implications the executor must
also prepare and swear and Inland
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Revenue affidavit this will list all the
assets and liabilities of these days
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it's a form called a CA 24 it's quite a
long form it's quite involved and you
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may need assistance whether you can do
it yourself certainly but it is quite
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involved the executor most large then
all of the relevant documents with the
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probate office and extract a grant of
probate once the grant issues he or she
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will gathering all the assets and
dispose of those not been given to the
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beneficiaries the executor must also pay
all of the debts and expenses of the
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estate so this would include funeral
expenses and so forth most distribute
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the assets and must make sure that all
of the taxes are paid although it is
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really a matter for each beneficiary to
take care of their own tax honey taxes
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will include taxes to by the deceased
prior to his or her death death and all
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taxes arising out of the administration
of the estate so if that's not so much
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of an issue now because the probate tax
and those types of tax have been done
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away with and inheritance taxes and
camera games then must really be tasked
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with by the beneficiary
both the executor needs to be careful
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that they're not left with any sort of a
liability so they would be when they're
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sending out the money quite frankly to
the beneficiaries they'd be asking the
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beneficiary to sign an indemnity form
indemnifying the executor against any
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claims for tax against the executor
arising from the administration of these
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days the executor and must prepare an
administration account and he or she
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will account for all of the monies
received and is forced during the
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administration period so this would be
bringing in the various assets and the
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various amounts the balances of the
various accounts histories accounts and
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then distributing them and accounting
for everything the powers of an executor
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then there's statutory powers which come
from the succession Act of 1965 and
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extra powers can be given by the
deceased in the will itself to the
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executor statutory powers will include
things like the power to sell all or any
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part of the estate to pay debts the
power to act as a trustee for the
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purpose of the settled and likes the
power to appropriate and it hardly
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estate towards the satisfaction Valley
share these days the power to appoint
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trustees for an infant beneficiary the
power to lease property the power to
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mortgage to power to settle claims and
disputes so they are all statutory
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powers that the executor has rising from
or pursuant to the succession act 1965
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the powers in the will may include the
power to appropriate without serving an
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analysis or consent that's appropriate
property in satisfaction of for example
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the legal right share of spouse the
power could also be given to invest or
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purchase authorized securities this
might be with a view to maybe buying
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stocks and shares and holding money for
a different beneficiaries or something
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of that nature the power also could be
granted in a will to employ agents or
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managers to manage an estate or manage
property or whatever if you are the
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personal representative if you've been
appointed a personal representative if
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been appointed an executor
in the will or if you are trying to
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administer an estate where no will has
been made in other words is in intestacy
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situation it's probably a good idea to
get legal advice my contact details are
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on the screen there as you can see and
if you find this video useful I would be
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obliged if you give it a thumbs up down
below and you may be the interested in
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subscribing to my youtube channel I've
made a lot of videos about all aspects
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of very slow and I tried to explain in
plain language plain understandable
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language various aspects of various law
including property probation personal
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injuries employment small business and
so forth let's say I hope you find this
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useful if you do give it a thumbs up
down below thank you
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