Probate (Estate administration)

It is the responsibility of the Executors appointed in a Will to administer the estate, but there is more to the role than many people realise. The moment the Testator (the person who has made the Will or given a legacy) dies, the role of the Executor(s) (person or institution appointed by a Testator to carry out the terms of their Will) begins and there are some very important initial duties:

Securing the assets – they are now legally responsible for the assets of the Testator and may need to secure the property and belongings e.g. change the locks on the property, switch off utilities etc.
Insure the assets -they must ensure that the house and contents are insured
Arrange the funeral – this is an Executor duty, but normally involves the family
Assess the death estate assets and liabilities
Calculate whether there is an Inheritance Tax liability, complete the relevant forms, agree with HMRC and arrange to pay HMRC
Arrange for the Grant of Probate, which gives legal authority to the Executors to deal with the Estate
Call in assets
Pay debts and liabilities
Complete estate accounts
Distribute the estate according to the Will

Sadly, many family members are appointed as Executors in Wills, but have no idea of the responsibility and often do not know they have been appointed in the Will until the Testator dies. The great news is that where Executors do not feel able to complete the role, we can assist you with the estate administration taking away the burden when many are grieving.

INHERITANCE TAX PLANNING, WILL WRITING, TRUSTS AND TAXATION ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

Probate (Estate administration)

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