Do you need help with probate? Not sure where to turn?

Do you need help with probate? Not sure where to turn?

Whether there’s a Will in place or not, taking on the role of estate administrator isn’t for the feint hearted. Most of us will choose a family member or friends to handle matters when we’ve gone and there’s nothing wrong with that, choosing someone you trust is a good idea!

Most family executors won’t have a clue where to start, let alone know how to go about it. There are options, Google is usually a good place to start although you may well question yourself about missing something important in the process.

Estates and the process of dealing with them is getting more complex, Wills can easily be misinterpreted and that can lead to costly mistakes and fines, so choose wisely whether you are comfortable to DIY or delegate your role to someone who can help, without it costing the earth…

An executor has a legal duty and is personally liable for the estate. Yes, personally liable so tread carefully and be sure you haven’t missed anything. This is typically why most solicitors talk of ‘the probate year’,  in other words it isn’t just them taking flippin’ ages to get the job done, there’s a very good reason!

The role may have to:

  • Obtain asset valuations and deal with the sale or transfer of property and all of its contents, don’t forget to insure the property…
  • Contact all utility providers, bank, pensions and investment providers
  • Track down beneficiaries (particularly if there’s no Will), deal with foreign assets, and business assets
  • Apply for a Grant of Probate, complete Inheritance Tax forms
  • Calculate the Inheritance Tax due and pay it within HMRC guidelines
  • Review the estate for Capital Gain Tax and Income Tax for the deceased and the estate
  • Set up any trusts that may be in the Will, and deal with the Trust Registration Service
  • Handle any claims on the estate
  • Produce a set of estate accounts, settle all liabilities, distribute the assets

So does your executor have the time, expertise and energy to deal with all of these aspects?

Any doubts, please contact us here and we’ll be delighted to advise you.

Professional Will Writing & Inheritance Planning Made Easy

 

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