If you have been appointed as the executor of somebody’s will, you will be responsible for administering their estate. This winding up process generally has three main steps:
- Sorting through the person’s finances, possessions and property to determine the value of their estate
- Paying any outstanding bills or debts with the balance of the estate
- Distributing whatever remains of the estate in accordance with the person’s will. If the person didn’t leave a will, this will need to be done in accordance with the law.
In many cases, you will need to be issued with a grant of probate in order to show you have the authority to do these things.
Financial institutions such as banks, building societies and mortgage companies will need to see this document before they are able to speak to you regarding the accounts of the person who has died.
How can we help?
Though it is possible to apply for probate yourself, the process can be complicated. Many people choose to do this with the support of a solicitor.
We can help you navigate the application process and ensure all bases are covered. This includes completing forms correctly, submitting applications, addressing inheritance tax concerns and co-ordinating with other public and professional bodies.
Do you need to apply for probate?
A grant of probate isn’t always necessary. Some financial institutions will allow you to access the accounts of the person who has died without one. This is usually when the balance of the accounts in question is below a certain amount (usually £15,000 – £25,000).
To find out if you need to apply for a grant of probate, speak to the financial institutions where the person who has died held accounts.
However, if the estate you are administrating is worth more than £15,000 – £25,000 and contains property, it’s likely that you will need to be granted probate, if you are unsure please get in touch.
Are you involved in a disagreement about an estate?
Being involved in a dispute about an estate can be difficult and stressful, we can help you with estate disputes and recommend that you enlist our support.