Introduction to Probate?
Many of you may have thought about appointed relatives or trusted friends as you're Executor but being the Executor of an estate is not really an honour, it’s a difficult, time consuming job that can carry some legal liability. You need to be sure that they understand their duties and responsibilities. For example, Payment of all taxes becomes their personal responsibility and may leave them to personal liability or penalties. Equally, they would have a liability to the beneficiaries should any mistakes occur and the beneficiaries may look to them for compensation.
As an executor they could find themselves administering the estate over a long period of time and could quite possibly become unpopular with the beneficiaries of the Will, they would also need to arrange for the care of any minor children and pets, and arrange any insurance cover required for the deceased's assets.
A Professional Executor is always the best choice, particularly if any of the following apply
- Where there are multiple assets such as: bank accounts and savings, shares, bonds and investments.
- Where there are liabilities such as mortgages, loans or credit cards.
- Where a property is to be sold or conveyed.Where the estate is of a high value.
- Where there is a business or the deceased was a partner in a business.
- Agricultural property.
- Family Trusts or large gifts to under 18’s.
- Where a potential claim under the Provision for Family and Dependants Act 1975 by someone who feels unfairly treated by the Will, or by the rules of intestacy.
- If the Will is badly drafted or beneficiaries cannot be traced.
For more information on how we can help with your probate needs please contact us.