Our services are not just limited to preparing Wills. A death is a highly stressful situation and often family members are unable to deal with all that is necessary to obtain probate of the Will and administer the estate. Thus, it is prudent practice to have either an executor in the Will who can handle the necessary formalities at reasonable cost or someone to whom the family can turn for help.
Wills plus recommends Kings Court Trust Limited as a professional executor and trustee. They will carry out the necessary legal work efficiently, speedily and sensitively at a very reasonable price. You can call them on 0845 126 0891 or visit: http://www.kctrust.co.uk
Appointing only family or friends does not allow for the fact that they might be in poor health or die before you. Alternatively, they might have moved miles away, or even be living abroad at the time of your death.
As an executor, it pays to prepare early.If possible, you should familiarise yourself with the Will, before death. The Will may express specific wishes about organ donation, the burial or cremation and the funeral service and people may need to be aware of issues like this as a matter of urgency.
You should always ensure that you know where the original Will is kept.
Setting out the key stages:
1. Communication of the death and arrangement of the funeral. Make sure that news of the death is passed on to members of the family and friends. If appropriate, you might announce news of the death in the local newspaper.
You must arrange for the registration of the death and the funeral service. The Registrar will issue a Death Certificate and a Certificate of Burial or Cremation.
2. Identifying and securing assets. This stage starts immediately you hear of the death and might involve a large number of different activities. Most obviously, it involves the physical assets owned by the deceased such as their house and the contents. You may need to have locks changed.
At this time, you should write to all of the companies and organisations with whom the individual had investments or savings and those to whom debts were owed.
3. Applying for probate. The Grant of Probate is the official confirmation of your power, as executor, to administer the estate of the deceased. Probate is not normally required for an estate of £5000 or less.
You can obtain the papers necessary to apply for probate from your local Probate Registry. Before probate can be granted, you will also have to deal with the estate’s possible liability for inheritance tax.
4. Calling in the assets. Once probate has been granted, you are in a position to call in the assets of the estate. You must not mix the deceased’s money and assets with your own. You should transfer assets into the name of “executor of (name of the deceased)” and open a bank account for the estate in the same name.
At this stage, you should be in a position to be able to pay any debts. You should also make sure that you obtain receipts for all payments made.
5. Distributing the estate.You should be very careful to ensure that you have identified and paid all debts before distributing the estate. Once you have administered the estate, it is wise to prepare full accounts showing all receipts, payments and the distribution of the estate. Keep all records that prove the account entries. You must not distribute gifts to a bankrupt person.
A Few Pointers:
If you are prepared to administer an estate, you can decide to seek professional advice on one or more aspects of the Will or the administration of the estate.
Completing the Inland Revenue account and the probate forms can be complicated. If you have any doubts, you should seek professional advice.
Before dealing with the administration of the estate, consider whether you feel that the estate is solvent. If it seems likely that the liabilities are greater than the value of the assets, you may be advised not to accept your appointment to ensure that you do not acquire any personal liabilities.
Some Wills appoint individuals as both executor and trustee. The executor administers the estate and their role finishes on final distribution. Trusts may then come into existence. It is important to ensure that the trust money is distributed to the trustees and not to the individual beneficiaries of those trusts.
Be meticulous in your record keeping.
You are able to claim reimbursement out of the estate for any direct expenses that you incur purely as a result of your role as executor.
Administering an estate can take time.You can avoid friction by making sure that people know what is happening and what, if anything is causing delay.
A few words to ease your mind:
Being made an executor is not a role you should take lightly. Equally, do not let it wear you down with worry and anxiety. Come the day when you need to act, if you are aware of what may happen, then you will perform the role extremely well.
