Estate Planning & Probate Ltd
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Estate Administration
Estate Administration is not simply the matter of obtaining the Grant of Probate, although that can be an arduous task in itself.
Being appointed an Executor is indeed a privilege, as the Testator (the person making the Will) has chosen you to deal with their personal affairs. However, the appointment is a double edged sword as, unwittingly, the Testator has bestowed upon you certain duties and obligations, some of which may be particularly onerous and can actually jeopardise your own financial position.
In addition to collating information sufficient to satisfy authorities such as HMRC and the Probate Court when submitting the application for the Grant of Probate, you are also tasked with ensuring any tax liabilities have been correctly calculated and discharged.
It is prudent to arrange publication of statutory legal notices, as they may afford you a degree of protection against claims by creditors and it is important to note that the estate should not be distributed until the expiration of the Statutory Waiting Period. This runs from the date the Grant of Probate is issued and is the period during which the Courts may hear claims against the estate that may be lodged by persons who feel they have been disadvantaged by the deceased's death with inadequate provision made for them in the Will. Should an Executor distribute the estate prior to expiration of this period, action can be taken against the Executor to settle any such successful claim.
All in all, dealing with an estate can be a difficult task for those who are unfamiliar with the process, particularly when under pressure from beneficiaries and creditors.
Contact us if you require advice.