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If you’re responsible for administering the estate of someone who has died, you may be doing so as an executor or as an administrator. Though these roles are very similar, there are key differences and it’s important to understand what these are.
When a person dies, it will be necessary for someone close to them to take on the role of their personal representative. This might be as an executor (if they have been appointed in the Will) or as an administrator (if they have applied to act on behalf of the estate in the absence of a valid Will).
As expected, Rachel Reeves, the new Chancellor of the Exchequer, has confirmed that the government will be raising certain taxes.
Many people don’t know very much about the process of winding up an estate until someone they know dies and they find themselves responsible for carrying out the process themselves.
Inheritance tax (IHT) is a tax paid on your death based on the value of what you own at the date of your death.
Many legal processes – whether that’s administering someone’s estate after their death, applying to act as someone’s power of attorney or taking legal action in a contentious case – can involve putting in applications to government bodies.
There are all kinds of factors to consider when you take on the task of winding up an estate. If the person who has died owned a business, you will need to take extra steps to ensure the additional legal obligations this entails have been met.
The process of winding up an estate can become particularly complicated if it encompasses assets in more than one country. This might be the case if the person who has died resided, owned property or had business interests overseas.
Most people are aware of inheritance tax and the added complications it can bring to the process of administering an estate. This type of tax does not need to be paid on all estates, just those that are worth over a certain threshold.
Family relationships are not always straightforward. This can be because of a huge range of reasons, from blended families to personality clashes to perceived injustices. Whatever the individual circumstances, sometimes, even small tensions can become magnified when it comes to the issue of what will happen to an estate after a death.
When someone one goes missing, it’s undoubtedly very difficult for the loved ones they leave behind. In the majority of cases, missing people are found in a matter of days or weeks. However, sometimes families can be waiting much longer for news.
The process of administering an estate can involve a great deal of paperwork and legal documents. If the person who has died had assets overseas, this is likely to be even more the case.
Administering an estate and navigating the probate application process is a big, complicated job that often involves a lot more work than expected. Not only are there a whole range of forms, payments and deadlines to keep on top of, there can also be a lot of conflicting advice to weigh up.
The term ‘probate’ is often used to refer to the period of winding up someone’s estate after their death. However, ‘probate’ can more specifically mean a document issued by the Probate Office.
Whether you’ve been named as an executor or an administrator, acting as a personal representative for an estate is a big responsibility and isn’t something that should be taken lightly.
Probate is a topic that people often don’t like to think too much about. It can conjure up images of Dickensian courtrooms and complicated Will readings, though the reality tends to be very different.
There are all sorts of reasons why the loved ones of a missing person might decide the time is right to apply for a certificate of presumed death. In addition to offering a kind of closure, which may be much-needed, a certificate of presumed death will also allow loved ones to move forward with the next legal steps, including administering the missing person’s estate.
Many people find it helpful to take someone with them when they visit a solicitor, especially if it’s their first time doing so. Whether you’ve made an appointment to discuss a Will, a power of attorney, a probate situation or even a dispute, having a close friend or family member nearby can provide helpful moral support.
It often makes sense for couples to look at making important legal documents such as wills or powers of attorney together. This is especially likely to be the case if the couple in question share children, own property together, or wish to appoint each other as legal representatives or beneficiaries. Choosing and meeting a specialist solicitor together is often the most time and energy efficient solution.
Sadly it is not uncommon for families to have disagreements after losing a loved one. The bereavement period is naturally a very stressful time when emotions are running high. Disappointments or misunderstandings about wills or trusts can escalate quickly.
Even if you’ve never been involved in a legal dispute before, you’re probably aware that the process can be expensive. This is just as true for cases involving wills as it is for other types of court case.
Losing a loved one is undoubtedly a very stressful experience. In some cases, this stress can unfortunately be magnified as a result of disagreements between family members.
The Court of Protection handles decisions on financial and welfare matters for individuals who are not considered legally capable of making those decisions for themselves.
One of the roles of the Court of Protection is to consider cases where decisions need to be made on behalf of individuals who do not have the mental capacity to do so themselves.
Most people know what a Will is and why they might need one, but you may not be as familiar with Powers of Attorney documents, also known as POAs. You may also hear of this type of document being referred to as an LPA, which is an abbreviation of Lasting Power of Attorney, a particular type of POA.
Powers of Attorney are a type of legal document that allow an individual to nominate one or more people to make decisions on their behalf should they be unable to do so. The person who makes a power of attorney document is called a donor. The person who is appointed to act on the donor’s behalf is called an attorney.
Life has a habit of changing dramatically when we least expect it. The further in advance we plan for something, the greater the potential for life to upset those plans.
Contact us for straightforward advice that makes things easier, saves you money, and gives you peace of mind.