April 27, 2022
When someone sadly passes away, it is always a difficult time, especially if you find yourself having to sort out probate amongst everything else.
You may have been named as an Executor in a will or if there is no will, you may be first in line to deal with matters following the rules of intestacy. If you are sorting the probate, you have legal duties which need to be carried out correctly and there can be consequences if you get it wrong, including personal financial risk.
Larger estates may be liable to Inheritance Tax; there will be calculations to make, complex forms to complete and exemptions to claim along with making sure the estate is accurately valued to the satisfaction of the Revenue, which is a lot to take with little to no experience of dealing with this area of law.
Even small estates can become more complex, creating problems which can lead to your duties as Executor being unpleasant and stressful with various queries and demands being thrown your way.
Then there are the beneficiaries and the people who think they should be beneficiaries, who may suddenly take an interest in the proceedings. You may feel wary about giving out information which can lead to misunderstandings and matters may escalate into disputes which can become very expensive and cause much heartache to resolve.
Where there is no will, the rules of intestacy will need to be applied accordingly and so the risk of failing to understand who is entitled could mean missing a beneficiary and getting sued personally as a result. Even when there is a will, it might deliberately exclude someone or fail to make adequate provision, for example, for a surviving unmarried partner, leading to legal challenges and claims as a result. Further to this, it is also important to note that the probate process takes time and involves various duties as executor such as establishing the extent of the estate, applying for the Grant of Probate, collecting assets due to the estate, selling properties, obtaining clearance from various institutions such as HMRC and DWP and distributing the estate correctly. It is a lot to take on, especially when grieving the loss of a loved one.
In the face of all of the above, using a professional to manage the process should keep matters calm from the outset, will insure you against personal risks and most importantly with the benefit of their experience, matters can be dealt with in a professional and timely manner so that family and friends of the deceased do not have to deal with the pressures of dealing with the administration of an estate.
It is worth noting that anyone handling an estate has a right to appoint a professional at the cost of the estate and invariably there is nothing to pay upfront with charges simply coming out of estate monies once they are available. So, before attempting to handle the pressures of probate alone, it is worth considering the benefits of appointing an experienced probate company or solicitors to deal with matters.
Assured Probate offer a full range of services to Executors, from obtaining the Grant of Probate, setting up property protection trusts and full administration. We can also point Trustees in the right direction regarding the registration of any trusts, which is a requirem ent due to the changes introduced by HM Revenue & Customs.
For any estate planning and probate enquiries in Bexhill, Battle, Hastings, Rye and all East Sussex please get in touch.
