I'm a Executor, now what?
Have you ever found yourself in that awful position of losing a loved one and then being told you are the executor of the will?
You may have dealt with the practicalities of registering the death, notifying friends and family, and organising the funeral. But when it comes to the legal side of estate administration, as the executor you may be concerned about the extent of your powers, your responsibilities, and your personal liability.
You may query if you have the last will that needs to be proved at the Probate Registry or if a later will exists? Has the will been correctly executed? Who are the individuals named in the will and how will you locate them? What if someone challenges the validity of the will?
You may not know what assets you need to declare to HMRC in the inheritance tax (IHT) account. What if you value something incorrectly or what if the deceased gave assets away in their lifetime? How do you know what assets the deceased actually held at the time of their passing?
What if the deceased had unknown creditors or debts? Would you be liable for this?
What are an executor’s justifiable expenses, and can you take monies directly from the deceased’s bank accounts?
Where will you get money to pay for the IHT liability or property costs?
How long does the probate process take? Do you have to go to court? What if family members are demanding monies from you?
At a time like that, you may seek the support and guidance of a professional who can take over the legal administration of the estate and allow you to grieve properly for your loved one.
What will your lawyer do for you?
A private client lawyer specialises in estate administration. They will firstly locate, and ensure that they have, the last will of the deceased. They will then make enquiries as to the individuals named in the will and the assets and liabilities of the estate.
The lawyer will collate all financial documentation for the IHT accounts. They need to ensure they get accurate valuations of all assets and liabilities.
A full IHT account may need to be completed and any IHT liability has to be paid. Once IHT has been paid and HMRC clearance obtained, then the application for probate is made at the Probate Registry. Once a grant is issued, this is utilised to deal with the sale or transfer of assets, and the proceeds are used to pay liabilities and taxes.
The lawyer will ensure there are no claims against the estate. Once they have waited for the necessary deadlines to pass, they will distribute the estate in accordance with the will.
Final estate accounts are drafted and approved by the executors before distribution. An estate administration can take 6 to 12 months to conclude or longer if there is a property sale or dispute.
We are aware that it can be extremely challenging to manage estate administration yourself. Instructing a professional will protect you from personal liability for mistakes and ensure the estate is dealt with correctly.
Whist it is important that you protect your loved one’s estate, it is even more important to protect yourself from a stressful situation by passing the responsibility to someone who specialises in this area of law.
You can find an Accredited Lifetime Lawyer near you on our website – they are specialist legal professionals who can give you the right advice and support.