The probate process can be complex, time consuming and emotionally draining at a time of bereavement when you maybe least able to deal with this important task. Therefore the first thing a person appointed as Executor needs to do, is to decide whether he/she is prepared or able to perform this office. If not then a formal renunciation will be required.

We are able to provide the following services at a fixed fee quoted in advance, before any work is undertaken with no hourly charges, for considerably less than a high street prices for the equivalent work. All consultation is conducted in the comfort and privacy of your own home and at a time to suit you.

Issues we can help with

SECURING THE ESTATE Any house or other assets need to be secured unless there are relatives still living there. The other details and papers relating to the estate need to be found and held by the Executor e.g. bank books, share certificates, life policies and pensions etc.

ITEMISE ASSETS AND LIABILITIES obtain details of accounts, life policies and sums due to the estate and also details of liabilities debts etc. If at this stage it appears that the estate is complicated or if there is going to be an IHT liability or if the estate may be insolvent or insufficient to meet the legacies, the Executor should take professional advice.

OBTAIN FIGURES AS AT DATE OF DEATH All persons holding assets of the estate, Banks, Building Societies, Insurance Companies etc should then be informed of the death and be supplied with a copy of the death certificate and be requested to provide a figure of the value of the asset as at the date of death e.g. what was the balance of the account at date of death.

EXECUTORS ACCOUNT Executors may have a problem dealing with payments required to be made before Probate is obtained e.g. funeral expenses. An Executors account will need to be established from which bills can be paid. That account can be used to deposit monies as they are received in the course of administration of the estate. The balance (and interest of course) is repaid on final distribution of the estate. Naturally the Bank will require evidence that there will be enough in the estate to repay the account at the end of the administration period.

OATH AND INLAND REVENUE ACCOUNT When all the details of the assets and liabilities are received, the Oath for Executors needs to be prepared. If the estate exceeds a certain figure an Inland Revenue return will need to be prepared listing all assets of the estate with values as at date of death and all debts and liabilities. This account is required to establish whether IHT is payable.

COLLECTING THE ESTATE When probate is received from the Registry copies should be sent to the holders of assets with a request that the value of the asset be released. These sums can be deposited in the Executors account pending distribution. Debts and liabilities not already paid should be discharged. At this stage the legatees should be contacted with details of their legacy, specific legacies being paid before residual legacies.

When all sums are collected in Estate, accounts should be prepared and submitted to each executor and their formal approval to the accounts be sought. When approved a copy of the accounts should be sent to each legatee and their receipt for their legacy obtained. Then legacies should be released.

ONGOING TRUSTS Where there are trusts set up e.g. discretionary, or for minor beneficiaries, then the Executors (if they are appointed) will metamorphose into trustees. Otherwise the Executors will transfer trust funds and convey property into the names of the Trustees.

DISCLAIMER
This is a thumbnail sketch of tasks to be undertaken by an Executor. No two situations are identical. We cannot accept any liability for the use of the above information in administering an estate.

CONTACT US and we will guide you through the whole process.