Being named as an executor and tasked with distributing a person’s estate is a great privilege that represents their trust in you. However, it’s easy to overlook just how much responsibility this role entails. So, what difficulties can you expect to face, and how can our team at Fodens help make it easier?
Once the Will has been verified and you have obtained a grant of probate, you must then start gathering together the deceased’s assets and pay off any debts. This typically involves going through paperwork and bank statements. Make sure to look for payments which could indicate gifts or loans that need to be considered, and also any unexplained income which could indicate an asset.
Sometimes, assets may have been deliberately hidden or may be located abroad, and it’s also common for the deceased’s debts to outweigh their assets. There are specific rules on how the estate should be managed, and although they can become complex, if they are not followed then you will be held personally liable. If there is any doubt, it’s always best to seek professional assistance to ensure everything is distributed legally.
There are a number of steps that should be taken when someone passes away. Finalising their income tax position is one of them. In addition making sure any inheritance tax is calculated correctly and paid on time is important to ensure penalties are not issued by HMRC.
Such matters can be confusing, and so professional advice can help guide you and simplify this process avoiding the risk of HMRC issuing penalties or fines for noncompliance of your requirements as executor.
When dealing with the estate, there are a number of reasons why disputes may arise. A potential claimant may feel that they have not been adequately provided for by the deceased or there may be a question over validity of a Will, and so there is a desire to challenge it. As executor, it is important that you remain impartial as otherwise, there could be claims made against you personally.
If the beneficiaries believe you are not acting in the best interests of the estate, then they could also apply to the court to have you removed. Disputes among beneficiaries are especially challenging to deal with, and so in order to ensure that you continue to do what is best for the estate, we would always recommend seeking legal advice to help find the best resolution.
Executors will often find themselves in a position where they are unable to carry out their duties. This may be because they physically can not be there to gather all of the assets, or because they feel overwhelmed by the sheer complexity of it all.
Our probate solicitors can help guide you through the process, ensuring that all the correct paperwork is completed and offering advice where needed. On the other hand, you may want us to take charge of administration or act as a trustee for child beneficiaries.
The amount of assistance you may require will all depend on the individual circumstances. Some estates are very simple with probate only taking a few months to complete, while others will be more complex with minor beneficiaries, debts, overseas assets or inheritance tax. This can become all the more challenging should disputes arise between beneficiaries.
By using a probate solicitor, you can significantly reduce the risk of personal liability and ensure that the estate is managed in an impartial and fair manner, while also making certain that all the correct paperwork and steps are completed properly.
Here at Fodens, our main priority is making life as easy as possible for all of our clients, and we believe communication is the key. We will help guide you through the process and ensure the estate is distributed both legally and fairly, according to the deceased’s wishes.
Get in touch with us today via our contact form.
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