Five Practical Tips for First-Time Executors

Being named an executor is a significant responsibility, and it often comes at an emotionally difficult time. If it's your first time acting as an executor, here are five practical things worth knowing before you start.

First, there's no need to rush. While beneficiaries are often keen to see matters resolved quickly, an executor's duty is to administer the estate correctly, not fastest. Take the time to locate all relevant documents — the will itself, any codicils, bank statements, property deeds and details of debts — before taking major steps.

Second, understand that you may be personally liable if the estate is administered incorrectly, for example by distributing assets before debts and taxes are settled. This is one of the main reasons executors instruct a solicitor to guide them through the process.

Third, keep clear records of every step: correspondence, valuations, payments and receipts. Beneficiaries are entitled to an account of the administration, and good records make this straightforward.

Fourth, be aware of Capital Acquisitions Tax (CAT) implications for beneficiaries, and get advice early if the estate includes property, a business, or assets outside Ireland.

Finally, don't be afraid to ask for help. Extracting a Grant of Probate and administering an estate correctly involves a number of legal and tax steps that are easy to get wrong without guidance — and getting it right the first time avoids costly delays later.