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Suffering a bereavement of a loved one can be one of the most challenging times many of us go through during our lives. If your loved one left a will and named you as executor, you may wonder exactly what is expected of you.
Many people find it difficult to concentrate or focus whilst grieving for their loved one, which makes it a difficult task to begin to deal with their loved one’s estate. This is where we can help.
Executors can appoint George Green to act on their behalf in administering the estate. This can ease the emotional burden and time consumption of dealing with the estate, allowing you time and space to grieve for your loved one without these added pressures.
We can initially assist the executor with establishing the deceased’s assets and liabilities in order to work out the value of their estate. For example, the deceased may own property, valuable assets such as expensive jewellery, stocks and shares, and insurance policies. It may be necessary to instruct an estate agent to assist in selling a property whilst we can liaise with the relevant insurance companies or registrars in realising the insurance policies and stocks and shares respectively.
We will then be able to assist in applying for a Grant of Probate or Letters of Administration, which is often required to deal with a person’s estate.
The deceased may also have debts, which need to be taken into account when valuing the estate. This may involve contacting all of the relevant creditors and placing a notice in the Gazette – the official public record of legal notices in the UK – to ensure the executor isn’t held personally liable.
We can also liaise with HMRC on the Executor’s behalf regarding the deceased’s income tax position and will ensure that any tax liabilities are paid.
Finally, we will distribute the estate in accordance with the terms of the will and prepare a set of estate accounts. It can often be reassuring to clients to know that the will is being carried out in accordance with their loved one’s wishes, particularly if the executors have questions on how to correctly interpret the will.
Most importantly we will ensure that the executor is given all of the necessary advice to ensure they are protected from any personal liability should a claim be brought against the estate or a creditor come forward.
If you require assistance in administering the estate of a loved one, please get in touch with us on 01384 410 410 and ask to speak to a member of our Private Client team where we will be happy to assist.