What Does the Executor or Administrator Do
Content
What does the executor or administrator do
The executor or administrator (also called the personal representative) takes responsibility for dealing with all of the estate. This involves:
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finding all the financial documentation belonging to the person who died sending a copy of the death certificate to the organisations that hold the money of the person who has died. Ask them for confirmation of the value of the money held at the date of death and the amount of income received during the last tax year up to the date of death. Also ask them to freeze the bank accounts so no one can take money out without the correct legal authority opening a bank account on behalf of the estate finding out details of money owed to the estate finding out details of money owed by the person who has died preparing a detailed list of the property, money and possessions and debts in the estate working out the amount of inheritance tax due and arranging to pay it preparing and sending off the documents required by the probate registry and HM Revenue and Customs when probate or letters of administration has been granted, collecting in money belonging to the estate from banks, insurance companies, pension funds and building societies paying debts, expenses and fees, such as solicitors' fees and probate fees sharing out the estate, as set out in the will or according to the rules of intestacy.
Investopedia explains 'Joint Account'
Joint accounts can be established on a permanent basis, such as an account between a couple where their salaries are deposited, or may be temporary, such as an account between two parties who contribute funds for a short-term purpose. In the event of a death of one of the account holders, the remaining account holders will have sole access to the funds, as well as any debts associated with the account. Read more: http://www.investopedia.com/terms/j/jointaccount.asp#ixzz1mwrOUKF7
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Definition of 'Joint Account'
A bank or brokerage account that is shared between two or more individuals. Joint accounts are most likely to be used between relatives, couples or business partners who have a level of familiarity and trust for each other, as this type of account typically allows anyone named on the account to access funds within it. Read more: http://www.investopedia.com/terms/j/jointaccount.asp#ixzz1mwrRbLoY Joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners. Joint accounts are often created in order to avoid probate.[1] If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account. Sometimes a temporary joint account is opened by two parties entering into a transaction where one party needs a security for the fulfilment of the transaction and the other party
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has to pay the sum (deposit), being the security for the other party. Any payment from the joint account or return of the deposit from the joint account, will only be possible if both parties sign a joint written instruction to the bank. It is not possible that only one of the both parties gives instruction for payments of the joint account.[citation needed] Because (European) banks are not very interested in opening temporary joint accounts, as they are normally used for one transaction only, there are specialised parties or companies taking care of such accounts as trustees. A good example is "foundation Joint Account Shiptrade". This foundation is holding big deposits and payments for buyers and sellers of ships. A temporary joint account is normally closed after the transaction for which it was opened has been concluded. Temporary joint accounts are used in transactions in which large sums of money are involved as an alternative to letters of credit or escrow accounts.[citation needed]
The executor or administrator (also called the personal representative) takes responsibility for dealing with all of the estate. This involves:
y y
y y y y y y y y y y y
finding all the financial documentation belonging to the person who died sending a copy of the death certificate to the organisations that hold the money of the person who has died. Ask them for confirmation of the value of the money held at the date of death and the amount of income received during the last tax year up to the date of death. Also ask them to freeze the bank accounts so no one can take money out without the correct legal authority opening a bank account on behalf of the estate finding out details of money owed to the estate finding out details of money owed by the person who has died preparing a detailed list of the property, money and possessions and debts in the estate working out the amount of inheritance tax due and arranging to pay it preparing and sending off the documents required by the probate registry and HM Revenue and Customs when probate or letters of administration has been granted, collecting in money belonging to the estate from banks, insurance companies, pension funds and building societies paying debts, expenses and fees, such as solicitors' fees and probate fees sharing out the estate, as set out in the will or according to the rules of intestacy.
Investopedia explains 'Joint Account'
Joint accounts can be established on a permanent basis, such as an account between a couple where their salaries are deposited, or may be temporary, such as an account between two parties who contribute funds for a short-term purpose. In the event of a death of one of the account holders, the remaining account holders will have sole access to the funds, as well as any debts associated with the account. Read more: http://www.investopedia.com/terms/j/jointaccount.asp#ixzz1mwrOUKF7
y
y y
Definition of 'Joint Account'
A bank or brokerage account that is shared between two or more individuals. Joint accounts are most likely to be used between relatives, couples or business partners who have a level of familiarity and trust for each other, as this type of account typically allows anyone named on the account to access funds within it. Read more: http://www.investopedia.com/terms/j/jointaccount.asp#ixzz1mwrRbLoY Joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners. Joint accounts are often created in order to avoid probate.[1] If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account. Sometimes a temporary joint account is opened by two parties entering into a transaction where one party needs a security for the fulfilment of the transaction and the other party
y y
y
y
y
has to pay the sum (deposit), being the security for the other party. Any payment from the joint account or return of the deposit from the joint account, will only be possible if both parties sign a joint written instruction to the bank. It is not possible that only one of the both parties gives instruction for payments of the joint account.[citation needed] Because (European) banks are not very interested in opening temporary joint accounts, as they are normally used for one transaction only, there are specialised parties or companies taking care of such accounts as trustees. A good example is "foundation Joint Account Shiptrade". This foundation is holding big deposits and payments for buyers and sellers of ships. A temporary joint account is normally closed after the transaction for which it was opened has been concluded. Temporary joint accounts are used in transactions in which large sums of money are involved as an alternative to letters of credit or escrow accounts.[citation needed]
