The Specter Partnership
We have offices in London, Warrington & Wirral serving the entire UK region.
Legal Services
Probate
What is Probate?
When a person dies somebody has to deal with the estate by collecting in all the money, paying debts and distributing what is left to those people entitled to it. A Grant of Probate is the Court’s authority to the executor to administer the deceased person’s estate.
Who are Executors?
An executor is a person, persons or organisation appointed under a Will to deal with the estate of a deceased person.
The role of executor carries with it tremendous responsibility; it can be hard work, time consuming and might leave the executor open to personal liability. It is also unpaid, except in the case of a professional executor such as a solicitor or a bank. Where there is more than one executor, it is important that they work together and decide matters between themselves.
The executor’s job is to administer the estate and to distribute it in accordance with the deceased person’s Will.
The Executors Duties
The executor must ensure that the deceased’s wishes are carried out, and is responsible for making sure that the estate is correctly administered.
The executor must:-
- Register the death (if no family member is able to do so) If no family member is able or willing to do so, then it may fall to the executor to register the death with the Registrar of Births, Deaths and Marriages.
- Put into place the funeral arrangements.
The executor should check whether the deceased left instructions regarding the funeral or the use of his or her body for medical purposes. He may also be responsible for dealing with the funeral directors in connection with the funeral arrangements.
- Determine the value of the assets and debts of the deceased.
It is necessary to prepare a comprehensive list all of the assets and liabilities of the estate and to provide this information to H M Revenue & Customs.
- Obtain the Grant of Probate.
It is the executor’s job to swear an Oath for Executors and submit it to the Probate Court who will then issue the Grant of Probate.
- Collect the monies due to the estate.
Banks and other institutions will pay the monies due to the estate or otherwise deal with the assets of the estate when the Grant of Probate is produced to them.
- Deal with the sale or transfer of assets such as the deceased person’s house or shares.
It may be necessary to sell the deceased’s persons home or shares, or the beneficiaries may wish these assets to be transferred into their names.
- Liaise with HM Revenue & Customs regarding any tax due from or to the estate.
Consideration must be given to possible income tax and capital gains tax liabilities in addition to inheritance tax.
- Pay any debts owed by the estate.
Distribute any gifts or legacies contained in the Will
- Prepare the final account.
The final account shows all of the assets received and payments made by the estate and sets out the entitlement of each of the beneficiaries under the Will.
How can the Specter Partnership Help?
We are happy to assist with any specific element during the administration of the estate. We are also happy to undertake the administration of the estate in its entirety if you should decide that you do not wish to or are unable to do so for any reason.
Please contact us on 0800 019 3460.