| |
Duties of Executors
Being an Executor of a Will can
be a difficult and time consuming responsibility. It has
complex legal, financial and tax consequences. An Executor is
personally liable for most of the deceased’s obligations.
Executors must:
-
Ensure that the
wishes of the deceased as expressed in the Will are carried out
-
Identify all
the assets and claims against the estate
-
Obtain
valuations of the jointly owned and sole owned assets as at the
time of death
-
Ensure that the
estate of the deceased is handled efficiently and that funds and
assets in the estate including businesses are properly managed
-
Prepare tax
returns for the deceased for Salaries Tax, Property Tax and
Profits Tax in Hong Kong
-
Obtain tax
clearances before distributing the Estate
-
Be responsible
for settling all the debts of the estate including taxes – this
responsibility can last for 6 years
-
Complete and
file the relevant Court forms
-
Apply for
Probate, and attend a personal interview at the Probate Court in
the countries where personal attendance is required.
-
Prepare
accounts for the beneficiaries and after payments of all claims,
distribute the estate
An individual
executor cannot charge for their time in applying for Probate unless
they are acting in a professional capacity such as a Solicitor,
Barrister, Notary or Trust Corporation.
AzureFiduciaries Ltd can handle all these duties.
Appointing a
director of AzureFiduciaries Ltd as an Executor in a Will is
free. Valuable extra support is provided without charge, including:
-
Probate
helpline for the family at the time of death
-
Home visit to
assess the Probate, legal and tax work needed
-
Fixed price,
no-obligation quotation for handling the Probate, agreed in
advance
When you appoint a
director of AzureFiduciaries Ltd as Executor in your will,
you can be sure that your family will have easy access to
specialised advice when they need it most.
Our service
provides:
-
Specialists in
Probate
-
Friendly and
approachable case managers
-
Professional
tax, accountancy and legal advice
For your peace of
mind, we:
-
Have full
professional indemnity insurance
-
Maintain
separate client accounts for the handling of client monies
-
Will resign if
it is not appropriate for us to act
-
Employ
professional qualified legal and tax experts
|
