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Category Archives: Estate Administration

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Dealing with publicly quoted shares in an estate

Posted on Author By Colm Kelly

When a person dies they may hold a range of assets.  These are normally property, bank accounts and life policies.  Often we come across individuals who hold shares and investments as part of their assets when they die.  Culturally, holding shares in Ireland is not as common as in other jurisdictions such as the US and holding shares is relatively novel (say over the last 50 years or so).  Most people’s interaction with publicly quoted shares tend to be a relatively modest investment.  Those who have a greater interest in investing tend to have a portfolio manager and those shares are held either through the manager or other set structures.  For many retail shareholders their investments tend to be on the smaller scale.  Notwithstanding that, these are assets that must be administered as part of dealing with a person’s estate and their affairs after they die.  Normally when dealing with shares you deal with a specialist organisation whose role is to manage the registers on behalf of quoted companies.  The three main operators in Ireland of such entities are Computershare, Equiniti and Link.  These three organisations are the middleman between the person administering the estate and the listed company.  In relation to shareholdings, these shareholdings can be in Ireland but many in Ireland also invest in public companies that have their listing outside of Ireland.  In that case those are treated as non-Irish assets or foreign assets for the purpose of estate administration.  The procedures of dealing with each of the middleman share register companies tend to be cumbersome, with lots of different administrative steps to go through as part of the process.   In particular one will need to ensure that the executor’s identity and that of the persons receiving the shares are properly verified to meet the anti-money laundering obligations of these third party registrars.  If you are administering an estate you need to stick with the process and be tenacious in dealing with such bodies as there can be a good deal of to and fro in dealing with such entities.  It is the obligation of an executor to ensure that these shares are properly administered and that the wishes of the deceased are carried out.

We hope this helps and for more information go to info@kerrywills.ie.

What is an executor?

Posted on Author By Colm Kelly

Most people when thinking about their wills are very focused on what their assets are and passing on their assets to their beneficiaries.  However, there is an important role in the whole administration process, that they should also consider and that is of the executor.  The executor is the person that manages your assets after you die, and ensures that there is a smooth transition of your assets into the hands of your intended beneficiaries.  An executor steps into your shoes for a short period of time (normally a year or so) and makes sure that your wishes as set out in your will are carried out.  They deal with any solicitor appointed to manage your affairs, they communicate with your beneficiaries and they make decisions about your assets (for example if you have stipulated that an asset is to be sold).  It is very important that, when making your will, you not only consider your beneficiaries but also who is to act as your executor.

For more information please reach out to us at info@kerrywills.ie

Who pays for your funeral?

Posted on Author By Colm Kelly

An area of concern that often arises for clients is whether or not they will have funds to pay for their funeral.  Alternatively what also happens on occasion is that a client will have earmarked a specific account for payment of funeral costs and will ensure that that account remains in credit to pay for a funeral.  However, there is no real need to take these steps.

This is because the law has been set up to cater for this and to ensure funeral expenses are paid.  There is a rule that states that whatever monies are in your bank account and not specifically gifted to any one person are to be used to pay for your funeral.  So, at times you will have a balance of money and a clause in your will that states “Whatever is in the balance of my estate, I give to my children in equal shares”.  We often call this the residue clause.  The rule is that whatever is in your residue is used first to pay expenses.  So this will include funeral expenses.  So your funeral expenses will be effectively paid by those beneficiaries who are getting the balance of the estate or the balance of the pot.   We call these residuary beneficiaries.

You can always amend this in your will and make different provision from what the law implies.  For example if you want your funeral expenses to be paid from a specific account or by a specific person, you can always say that in your will.

On balance you don’t have to worry about not having monies in a specific account in your will.  This will be catered for in the round.  However if you want something specific about your expenses then mention this to your solicitor.

I hope this helps and if you have any will drafting queries please reach out to info@kerrywills.ie

Appointment of Executors – Factors to consider

Posted on Author By Colm Kelly

Generally a will, will make reference to Executors.  It is not obligatory to have executors in a will and a will is valid even if no executors are appointed.  Executors are the persons that manage the affairs of the deceased after the deceased has passed.  The are the persons charged with administration of the estate and their role is to collate the assets of the estate and in turn distribute the assets of the estate to those entitled under the will or under the provisions of law (called the rules on intestacy).

A person does not need a specific qualification to be an executor and a person making a will can appoint anyone as their executor.  However there are some tips in considering who to appoint.

  1. Generally an executor must be of medium age, and essentially not so old that there is a chance that they may lack capacity when the person making the will dies or there is a likelihood that the executor will be deceased prior to the person who is making the will.
  2. It is helpful if the executor is someone who is “good with paper” that they are ordered and suited to administrative/office based type tasks.
  3. Likewise it is helpful if the executor is relatively numerate and can understand figures and accounts fairly well.
  4. A beneficiary under a will can be an executor and it is often the case that a beneficiary under a will is an executor
  5. A person who witnesses a will can also be an executor, as long as they are not a beneficiary under the will.
  6. It is generally the case that an executor is a trusted friend or relation of the deceased.  It is somewhat considered an “honour” to be appointed as an executor and it can be at times read that the person who made the will held that person in esteem.
  7. It is generally advisable that a person should not be appointed an executor if that appointment is likely to inflame other beneficiaries or would cause upset.
  8. Further an executor is to be avoided if they are likely to be disruptive or purposely slow in administering an estate.

 

I hope this helps and if you have any queries about the appointment of executors, please reach out to me a info@kerrywills.ie.  Colm Kelly

 

 

 

What is an estate?

Posted on Author By Colm Kelly

When a person dies, sometimes you hear references to the phrase “estate”.  The term estate is a concept rather than a term.   It is the concept of the person.  Put another way, if you refer to your friend John as a person while they are alive, we refer to them as the “estate” when they have died.   So, during a persons lifetime, they can buy and sell and house, or enter into a contract.  While alive it is the person that is doing that.  The same concept applies after life, though in that case it is the estate which is that person.  When someone is alive, it is that person that owns the assets.  After they have died, the estate owns the assets.  The estate will continue until such a time as all the assets of the estate have been passed over to beneficiaries.   The estate acts through a person known as an executor or personal representative.  So the personal representative is the living breathing embodiment of the estate.  It is the “arms and legs, eyes and ears” of the estate.  However, when a personal representative signs a form on behalf of the estate, it is not the personal representative doing it in their own right, but on behalf of an under the name of the estate.

Hope this helps and please contact me, Colm Kelly, solicitor, founder of Kerrywills.ie if you need help with a will, or managing the affairs of a loved one after they have died.  info@kerrywills.ie