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Generally, there are five stages involved in carrying out your duties as an Executor:
- You should find out what your duties and powers are;
- You should collect in all the assets of the Estate;
- You should pay the funeral debts and other expenses and debts;
- If there is a Will, you should pay any specific gifts set out in the Will;
- You should complete the administration of the Estate and prepare final accounts detailing how all the assets have been spent; and
- If there are any assets left over, these should be split as described in the Will or, if there is no Will, in accordance with the strict legal rules relating to Intestacy.
Unfortunately when people die, their debts do not die with them.
In some cases there is not enough money to pay the Deceased's debts. If this is the case, they must be paid in a particular order. Similarly if there is not enough money left over to pay all the gifts set out in the Will, they will be paid out in a specific order.
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