Being appointed as an Executor in Colchester or anywhere else for that matter is a role that is not to be taken lightly when it comes to effectively dealing with the administration of someone’s estate. Laura Richardson now looks to take you through some of the key aspects of the role of an Executor in Colchester to give you at least some idea of what the role is considered to entail . . .
Acting as Executor can be a complicated and lengthy task. We at Andrew Douglas Wills and Legal Services have compiled some information regarding the responsibilities and potential complications.
Acting as Executor in Colchester usually involves the following:
- Applying for Probate.
In order to be granted the legal right to deal with the estate the Executor must submit a Probate Application, along with all relevant paperwork and the fee of £215.
- Paying Inheritance Tax.
Firstly, the Executor must calculate the estate value. All financial assets must be totalled, and then liabilities of the estate, including unpaid bills, mortgages and loans, are deducted. Even if no Inheritance Tax is due, the Executor must accurately complete the appropriate forms, or they may incur a penalty. If Inheritance Tax is due, a proportion must be paid before Probate is granted. If you pay this amount from your own funds, this can be claimed back from the estate.
- Collecting the assets.
For example the sale of property or even tracing missing items.
- Paying debts.
This involves contacting utility suppliers, the council and other organisations to pay final bills and taxes. If there are more debts than assets, the estate may be insolvent, in which case you must seek advice from a Solicitor.
- Distributing the estate.
The Executor must conduct a bankruptcy search on each beneficiary, who should also be given a tax form to complete on receipt of their share.
If a beneficiary is under 18 years old, the gifts must include the naming of two trustees.
Sometimes the beneficiary of a gift will have died, there are complex rules regarding lapsed gifts and it is important to consult with a Solicitor should this occur.
Finally, it is extremely important to understand the legal responsibilities. Executor’s are required to act reasonably and in the best interests of the estate and beneficiaries. This involves ensuring assets are sold for a fair price, debts are settled, and the estate is properly distributed, as well as notifying relevant organisations and preparing accurate accounts. It also involves investigating any claims against the estate. It is important to properly advertise the death and it can be advisable to wait for 6 months after probate is granted to ensure that any claims are made apparent before the estate is distributed. Furthermore, in some cases a Will may be challenged. If this occurs it is vital to seek legal advice.
The role of Executor can be extremely complex and lengthy at a time when you are grieving for the loss of a loved one. It is also a task that bears legal, administrative and financial responsibilities. We at Andrew Douglas Wills and Legal Services can offer advice and legal services throughout, or even assume the role of Executor on your behalf. Contact us via www.andrewdouglaswills.co.uk .to discuss your options whether in Colchester, or surrounding areas.
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