Help for Executors fro gaining Probate
Ξ September 9th, 2008 | → 0 Comments | ∇ General | 
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Having been a Will writer for some years I often get asked what an executor has to do when someone has died. For most estates the process is pretty straight forward, but it can be a lot of work. Being nominated as an Executor can be onerous and time consuming. It is not rocket science but there can be a lot of paperwork to complete and some accounts to maintain. Here is a basic checklist of what needs to be done:-
- Register the death
- Arrange the Funeral
- Open a personal Representatives Bank account
- Inform all relevant persons and Institutions
- Arrange for a full valuation of the estate
- Draw up a full schedule of debts
- Complete all the relevant Inland Revenue forms
- Pay any Inheritance Tax Due
- Complete all Probate forms
- Apply for the Grant of Probate
- Collect all debts owed to the estate
- Distribute the Estate
- Retain all Papers for at least 12 years.
Now this may seem a daunting list but the Probate Office will help you with any problems you have. There are some instances where it might be better employing a Solicitor especially if it is a large complicated Estate. Just a word of caution if you are thinking of employing a Solicitor always get a fee schedule up front. get them to document how much their charges are and what the charges are for. Get this upfront and make sure they stick to it. Some solicitors and Banks charge a percentage of the estate and this can be as much as 5% so beware.
There is a more detailed explanation of the process at Finance on the Web. The Department of Works and Pensions have produced a very good guide on what to do and you can download it at Finance on The Web
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