Our expert solicitors are here to help advise executors with the administration of estates
If you (the executor) choose to instruct HSR Law to deal with the administration of the estate, you know that we are dealing with everything properly in relation to the estate and are protecting your position.
What does being an executor mean?
As an executor you are responsible for the money, property and possessions of the person who has passed away. You are responsible for the assets from the date of death until everything has been passed on to the beneficiaries named in the deceased Will. You may have to apply for probate before you can deal with some assets such as selling the house or releasing large amounts from bank and building societies.
As an executor, you will also need to perform the following:
- Register the Death
- Notify numerous organisations and HMRC/DWP
- Arrange the funeral
- Pay any debts left by the deceased
- Sell assets
- Pay specific legacy gifts left in the Will
- Pay tax on any income the estate generates
- Report the estate value, income and tax liability to HM Revenue and Customs
- Pay the ben
If you (the executor) choose to instruct HSR Law to deal with the administration of the estate, you know that we are dealing with everything properly in relation to the estate and are protecting your position. Our fees for administering the estate are paid from the deceased’s estate meaning you would not need to pay these yourself.
For more details on how we can support you, contact our Estate Administration and Probate team today.
We are WIQS Accredited
The Wills and Inheritance Quality Scheme (WIQS) accreditation is a best practice quality mark for wills and estate administration advice.
Being WIQS accredited means we have the expertise to deliver wills and inheritance advice, use standardised processes to recognise and reduce risks and educate clients about what to expect when buying wills and inheritance advice.
Your Advising Executors Team
Estate Administration and Probate FAQs
People often ask this question, and the answer is yes! There is no issue with naming executors who are also beneficiaries.
Our advice is that is best practice to make a will in each country that you own property. You must ensure that you always advise your solicitor of your other will(s), so that the appropriate wording can be used, so as not to inadvertently revoke any foreign will(s).
If you are married, or in a civil partnership and you have children but no will in place, then the intestacy rules would dictate the division of the estate between your spouse and children. The first £322,000 (known as the Statutory Legacy) would pass to your spouse, then the rest of your estate would be split between your spouse and your children. These arrangements might be wholly unsatisfactory for your surviving spouse. A will ensures that you control the distribution of your assets.
An individual has an allowance of £325,000. This is transferable between spouses and civil partners, which equates to £650,000 on the second death. There is also a ‘residence’ nil rate band, this is £175,000. You might need advice about the residence nil rate band, as it is quite complicated and is not simply available across the board. Its’ availability will depend on various factors, such as whether your estate is left to lineal descendants and the size of your estate on death.
A beneficiary is someone who is named in the will as someone who will receive a benefit or gift from the person who has died.
A Grant of Probate is a Legal document issued by the Probate Registry. It is usually needed and requested by financial institutions to close bank accounts, sale sole assets such as property and settle debts of the deceased. Once Probate has been granted this gives the Executor the authority to administered the estate. If the deceased did not leave a Will, then the Personal Representatives (another name for Executors) would apply for a Letters of Administration in the same way.
A Grant of Probate is not always needed. For example, joint assets and joint bank accounts would likely transfer by survivorship.
We explain in this short blog post exactly what the intestacy rules are.
The ‘residence nil rate band’, is an allowance applicable to the main residence passing on death, to direct descendants, and is £175,000. This allowance is only applicable to the main residence and those who are married, or civil partners and is in addition to the existing £325,000 allowance. So if you can apply it, you are looking at a potential overall inheritance tax threshold of £1,000.000 between a married couple, or civil partners.
It will not be available where the home is left to other family members, who are not direct descendants of the deceased. The allowance is also subject to tapering if you are worth more than £2,000,000. So it is not an allowance that is guaranteed for everyone, unlike the individual nil rate band allowance of £325,000.
This is not ideal for those with a modest house, who have significant investments and savings, nor for those who are leaving their properties to nephews and nieces, for example.
If you require information about the inheritance tax allowances, then please contact one of our experiences probate staff.