1to1 Legal USA Find Local Solicitors
Law Firm Marketing
Subscribe to our Newsletter

Wills & Probate | Duties of an Executor

Article provided by Penn Chambers:

If you are the Executor of a Will, you are legally responsible for dealing with the deceased’s estate (i.e. their assets and liabilities) and carrying out the wishes detailed in the Will.

The process is complex, complete with its own jargon. If you make a mistake, you could end up owing money yourself, personally. It is therefore important to act carefully and keep detailed accounts of your movements.

What are the first steps?

Well, before you go any further… make sure you have registered the death (within 5 days, including weekends and bank holidays, in England and Wales). You will then receive the death certificate.

You will then need to find the Will itself, whilst also making sure it is the last Will the deceased made.

If there is no Will, then you need to take a different route, which will not be described in this particular article.

The Will may also set out the deceased’s funeral wishes, i.e. whether they wish to be buried or cremated, so it is important to find out if the deceased had any particular wishes before arranging the funeral – although please note that funeral wishes in a Will are not legally binding.

Finally, you will also need to tell important organisations, particularly the government, that the person has died. You may also want to inform places of work, landlords, credit card holders and so on.

What are the assets and liabilities?

Well, once you have dealt with the above, you need to work out how much the deceased’s estate actually is. This will then help work out what amount of tax is owed.

The assets will include, property, bank accounts, pensions, possessions, credit cards etc.

Once that has been identified, you will then be able to calculate the inheritance tax, although it is strongly advised that legal advice is taken to ensure that the correct figure has been calculated.

Inheritance tax must be paid no later than 6 months from the end of the month in which the deceased died, otherwise interest on the unpaid tax will be charged.

Applying for Grant of Probate

You will thereafter need to apply for Grant of Probate, along with submitting the relevant IHT forms.

The application for Grant of Probate can be made either online or by post, depending on the deceased’s circumstances, which will not be discussed here.

Finalising the estate

Finally, and once Grant of Probate has been received, you can then start collecting the money and property from the estate.

You must ensure that all liabilities are paid before distributing the estate, such as funeral expenses, loans, credit cards etc.

The Executor will need to prepare the final estate accounts which provides a summary of all of the assets, all of the liabilities, any income received during the administration period, and how the estate has been distributed.

Conclusion

This can be quite a difficult and lengthy process, especially given the current delays with third party companies due to the pandemic.

An estate cannot be rushed and you must ensure that everything takes place in the correct order, that you locate all assets and creditors, the correct amount of IHT is paid, and, finally, that the estate is distributed accordingly.

The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.

Contact Emma Aslett with your questions on 0207 183 4595.


ABOUT THE AUTHOR:

If you are looking for any Estate Planning advice including Wills, Probate, Tax, or Power of Attorney matters contact:

Penn Chambers
Penn Chambers
13 Austin Friars
London
Greater London
EC2N 2HE
comms@penngroup.co.uk
www.pennchambers.co.uk





4.4
This article "Wills & Probate | Duties of an Executor" is rated
4.4 / 5 based on 9 reviews. †


Rate it:

Disclaimer


Other Guest Posts:

» Before Making a Housing Disrepair Claim - This is suggested particularly for parties that do not want to bring the issue to the court ...
» What Repairs Is My Landlord Liable For - Many people also suffer from mental health problems due to housing disrepair li General inconvenience compensation /ul Filing A Housing Disrepair Claim /b If you feel ignored by your landlord despite raising concerns about disrepair ...
» Top Tips When Dealing with a Rogue Landlord - Over the years ...
» Peculiarities of legal job opportunities - Despite having many advantages ...
» Why Is It Important to Hire a Content Writer - But do not forget that you must look for the best experts to avoid pitfalls ...
» Can Quality Copywriting Affect Your Business Strategy - If there were no copywriting ...
» Dubai's Business Environment - However ...
» Advice on Spanish Wills - The notary will then provide you with what is called a 'copia simple' which you take away and the original is then registered by the notary in Madrid – In Spain ...
» Buy Law Firm Review Services - Advise on how best to integrate such reviews into your marketing We have seen some companies clearly purchase reviews from review sellers ...
» Starting a Successful Business in College - This document serves as your roadmap ...
» Why Is It Important to Hire a Content Writer - They acquire many valuable skills that could improve professionalism and consistency while expanding business growth ...
» Guide to Effective Communication - Another common mistake is using inappropriate language or tone ...
» Taylor Rose TTKW Fee Sharing - Uniquely ...
» Alexander JLO Solicitors - Alexander JLO Solicitors is obviously a very popular firm /b amongst a huge population with plen ...
» www.redwoodcollections.com - Redwood Collections is a debt collection firm based in Croydon. On the 1to1Legal search function we ...
» Lawcommercial Trading Ltd - Usually when we write an article on a firm that handles conveyancing, people are often confused to s ...
» Hampson Hughes Solicitors - One of the founders of our own 1to1Legal Firm (Mike Beverley) actually started off as an accident in ...
» www.awhsolicitors.co.uk - The internet makes it much easier to find services you need such as legal advice. However with anyon ...

Solicitor Marketing

Search for Legal Help Near You:

Recommended Firms:
Security Staff & Investigations:

Executive Security Professionals and Executive Security Investigations are an Essex based security service and specialist investigation firm. They are able handle everything from Door Supervision to Event Security, Close Protection Detail and even Matrimonial Surveillance services.

They adhere to strict codes and regulations and make sure their clients are fully aware of their obligations under the law. Available nationwide 24 hours a day , 365 days a year - even at short notice.

Visit their website, or call 0800 999 1982.
Executive Security Professionals
» www.execsecuritypro.co.uk »

Related News:
Compensation for secret massacre that shames UK - ww.scotsman.com

Barclays PPI bill grows by £300 million - www.which.co.uk

Claimants in dark about insurance claim fees - www.ft.com

Law Firm Marketing Blog:
Legal: The leading law firms. They often contract as coaches for people in your company and provide liability and discipline. Kevin finally chose to approach simply over 200 firms. Their services might include evaluating present ... Lawyer Listings


Paralegal Career Is great Pick For Baby Boomer Profession Transitioners: If your firm handles you like Julia Roberts in "Pretty Woman." don't let it discourage you from pursuing your case. Although this isn't always the case. this notion of "moving up" and working for a much more well-known law firm is ... List of Solicitors in Manchester


Find Local Attorneys, Law Firms, Information And Legal Services: The Solicitors Directory is not a copy of the Register of Solicitors and does not supply an all-inclusive listing of all solicitor companies. Do not assume that you ought to set your views on the law firms that offer the highest s ... Solicitor Listings


>> Try our Lead Generation Services <<

>> Solicitors SEO? <<
Browse our Law Firm Directory:
Click Here for USA
In the US?


Site Search

GoogleCustom Search
Law Firm? Vote:
Which online marketing purchase has brought you the most success?

Pay-Per-Click
Social Media
SEO
Email Marketing
Affiliate Program
Directories

Wills & Probate Duties of an Executor Info Page Copyright © us. 2007-2024
Wills & Probate Duties of an Executor Logo, Branding, etc. © them. (obviously)
1to1 Legal, PO Box 18678, Peterhead, Aberdeenshire, AB42 3WY
part of the ClaimsHeaven.co.uk network.
Cookie This website uses cookies to personalise content/adverts, integrate social media functions, analyse our traffic, track votes, etc. Please check with third party application providers such as Facebook, Twitter, and Google for how they use your data. By using this website you consent to our use of cookies.
Learn More   ::   I Accept   ::   I Decline
9