Probate/ Administration of an Estate
I have obtained the death certificate(s) and the funeral is arranged - what has to be done now and who has to do it?
First you need to find out whether the deceased left a Will. That will tell you who is to act as 'executor' (meaning who will sort out the estate) and who is going to receive what from the estate. If there is no Will the next of kin will probably need to speak to a solicitor for advice on intestacy.
What if I have found the Will but do not understand what it means, can you help?
Yes we can.
What are the duties of an executor?
The duties of an executor are many and they vary. They are responsible for collecting in all the assets of the estate and distributing them in accordance with the Will. They also need to make sure that any debts including inheritance tax are paid and may have to do income tax returns and estate accounts.
Must the executors get legal advice?
No, but depending on the estate involved it may well be a good idea to do so. If the estate is very small, say under £15,000, the executors are often able to do everything themselves particularly if they are close to (or are) the people who benefit from the estate. In larger or more complicated estates it is usually better for the executors to get legal advice to make sure they get everything right as they can be personally liable to the beneficiaries.
I have been given something in the Will of someone who died, but I want to give it away. Can I do this without it ever being treated as having belonged to me?
Yes, in most circumstances we can prepare a Deed of Variation and change things that way. This will mean that from an inheritance tax point of view it is as if the person who died made the gift and not you.
How long does all this take?
It varies. Some estates are resolved within 6 to 12 months but some take a lot longer, depending mainly on the financial affairs of the deceased.
If you have questions regarding anything you have read above, or would like to make an appointment, please telephone our Wills and Probate Department on 01405 765661.