When someone dies, the estate of the deceased must go through a process called ‘probate’.
Probate is one part of the estate administration process and is the legal right to deal with the administration of someone’s property, money, and possessions (their estate) when they die.
The tasks involved in estate administration vary according to the specific assets and their value involved, but generally include preparing Inheritance Tax forms, closing bank accounts, and selling property.
If the deceased has left a Will, it includes the name of an ‘executor’ who is the person (or people) they wish to fulfil these duties.
If there is no Will, an ‘administrator’ will be appointed following the rules of intestacy to undertake the estate administration process.
Executors and administrators are collectively known as ‘personal representatives’ (PRs).
What does probate involve?
Dealing with the death of a loved one is always difficult. Being an executor of a Will means the added responsibility of having to arrange many practical matters for the deceased, which can often cause additional stress.
The situation is not helped by the fact the process is often left to people with limited experience of what is involved and little knowledge of how it works, leaving considerable opportunities for things to go wrong.
However, mistakes can prove costly. Executors and administrators of a Will are personally liable for any financial and legal claims that may arise as a result of their actions, meaning that if they fail to comply with their duties, they may end up footing the bill.
A solicitor can help. Testators are not required to appoint a family member or friend to act as executor to a Will and can instead select a professional such as a legal professional to administer their estate.
If an executor does not wish to act, or they need professional assistance, executors can appoint a solicitor to assist them. This can be especially useful if the estate is large or complex.
A professional executor has extensive experience in probate and can ensure every task is completed correctly.
Our senior partner Gideon Cristofoli has been appointed and acted as executor in probates for over 20 years, providing specialist and tailored support to local clients in Alton, Hampshire, and further afield.
If you are an executor and need advice about probate or are a testator looking to appoint a professional executor for your Will and want to find out more, get in touch with Bookers & Bolton Solicitors.
To speak to Gideon, or another of our experienced Wills and Probate solicitors, please call 01420 558335, email us at enquiries@bookersandbolton.co.uk or make an online enquiry here.
Click here to read more about why you need a solicitor for probate.
What is the role of an executor in probate?
Some of the main responsibilities an executor has in probate includes the following:
1. Registering the death.
In England and Wales, deaths must be registered with the local authority where the person died within five days.
2. Getting copies of the Will.
Personal representatives must locate the most up-to-date version of the deceased’s Will. Copies should then be made to subsequently refer to and show to any banks, building societies and other institutions as required.
3. Arranging the funeral.
If the person who died left instructions for their funeral, it is an executor’s responsibility to ensure they are followed, where possible.
4. Valuing the estate.
Executors must collate the various assets that comprise the deceased’s estate. This can include property, money, investments, cars, jewellery and other personal possessions, both individually and jointly owned.
You will also need to gauge their liabilities, such as mortgages, loans and bills, to assess whether the estate is liable for inheritance tax (IHT).
Identifying and collecting all assets and liabilities of a deceased person’s estate can be difficult. Many people like to keep their debts hidden, and it can be hard to know when you have a complete and accurate picture of the deceased’s estate.
However, undertaking a full financial asset search is crucial for submitting accurate figures to HMRC and protecting executors against future claims from creditors and beneficiaries.
5. Applying for grant of probate.
Executors must then apply for a grant of probate, which is the legal permission to administer an estate (known as ‘letters of administration’ in cases of intestacy).
This will usually be received within 16 weeks.
There are no set rules as to when a grant of probate is required other than it is needed if any assets belonging to the deceased cannot be transferred to a beneficiary without a grant.
Every financial institution has a different minimum value that requires an executor to apply for probate before they will release funds. Account limits can vary widely but are usually between £5,000 and £50,000.
6. Completing an IHT return and paying any tax due.IHT is due six months after the date of death before HMRC starts to charge interest.
7. Informing interested parties.
Once an executor has received the grant of probate, they must send a copy to all asset and liability holders, such as banks and building societies, insurance companies, mortgage providers and utilities suppliers, along with a request to release any funds.
8. Gathering assets.
Executors should then gather all the assets of the estate, including selling any properties. It is a good idea to open a separate bank account at this stage for financial transactions made on behalf of the estate.
9. Settling any debts.
Debts should be settled and the final accounts prepared.
10. Distributing assets.
Executors then distribute assets to beneficiaries according to the wishes set out in the deceased’s Will or in line with the rules of intestacy.
Professional Executor Hampshire
Estate administration involves various legal and financial responsibilities. A professional executor understands the complexities involved and can navigate the process efficiently.
Appointing a solicitor to act as executor in probate has various advantages.
Solicitors use their experience, resources and time to ensure tax obligations are met and assets are distributed correctly, saving time and minimising stress for beneficiaries.
If you need to appoint a professional executor to assist with probate, call Gideon on 01420 558335.
Get in Touch
At Bookers & Bolton our experienced probate lawyers in Alton, Hampshire provide advice on all areas of probate and estate administration and can help you with all stages of the process.
For legal advice from our experienced private client team, please get in touch with us on 01420 558335, email us at enquiries@bookersandbolton.co.uk or make an online enquiry here.
We can also help you with other legal services such as Wills, Lasting Power of Attorney, Family Law, Conveyancing and Business Law Services.
