Being Appointed As An Executor: What Happens Next?
When you’re appointed as an executor, you are usually dealing with a difficult time – the loss of a loved one is never easy.
We pride ourselves on helping families and friends navigate the legal process at this stressful time by providing support to make it as stress-free and straightforward as possible.
Once you feel ready to take your first step as an executor, we are here to guide you along the way.
What Are The Next Steps?
Early Steps
To start as an Executor you need to find the original last Will, which appoints you as Executor, to ensure you have access to the most recent Will. The Will should be either stored at the Solicitors office where it was prepared, stored at the Deceased’s Bank, or just kept at home by the Deceased.
As an executor, you are personally liable to ensure that any estate debts get paid, even those of which you are unaware. If your think there may be debts of which you are not aware, you can decide to advertise for creditors, and wait three months before distributing the estate, which would then protect you personally against any claims that arise later.
It is worth having a complete understanding of what the estate looks like and what’s detailed in the Will. By fully understanding the estate, we mean confirming the assets in the estate as well as any liabilities. This will enable you to work out if any inheritance tax is owed.
Where the Deceased owned a property in their sole name, a Grant of Probate of the Will is always required, but if there is no property, only savings, the banks may release the funds without the need for a Grant of Probate. Depending on the type of assets and their value, you’ll know whether a Grant of Probate or Grant of Representation, or neither, is needed. These legal documents are issued by the Probate Court and give the executors or administrators the legal power to handle the estate.
You will need to notify the connected companies and financial organisations of the death and if you’ll be securing a Grant, before applying for the relevant Grant if needed.
Later Steps
Once the Probate Court has issued the correct legal document, it is your responsibility as an Executor to carry out the administration of the estate.
This involves many tasks, including the following:
- Confirming all the estate assets
- Paying any debts of the estate
- Handling the financial matters, including paying any inheritance tax and updating HMRC
- Distributing any legacies
- Distributing to remainder of the estate to the relevant beneficiaries
- Keeping a record of all accounts of the estate
- Recording any issues of the estate such as missing beneficiaries
Helping You With Your Estate Administration
Carrying out the role of estate executor can be a stressful and complex process – the good news is, we’re here to help.
Our specialist solicitors have the experience and in-depth legal knowledge to support you at every step of the process. We can help you obtain the Grant of Probate or complete the full administration of the estate on your behalf, including handling data collection, tax matters, and asset realisation and distribution.
With our support and guidance, the estate administration will be handled efficiently and accurately, giving you complete peace of mind and making the process as stress-free as possible for you.
To speak to us about estate administration, you can contact us at our Chorlton office on 0161 860 7123 or email chorlton@hlfberry.com or at our Failsworth office on 0161 681 4005 or email failsworth@hlfberry.com and we will be happy to help.
