What is Probate and Estate Administration?
The Grant of Probate is awarded by the probate court enabling you as the executor with the right to administer the estate of a deceased person. Estate administration is the process of drawing in all of the assets within an estate, paying off any liabilities and then distributing the estate in accordance with the terms within the Will. This may include setting up and registering any trusts, completing tax forms and dealing with financial institutions.
It can all seem a bit overwhelming when someone we love passes away so we are on hand to help and support. All you need to do is get in touch with your questions and we will be able to provide support and guidance.
Who should I pick as my Executors and what do they do?
When a loved one passes away, the executor named in their Will is responsible for ensuring that the deceased's estate is properly wound up and that their wishes in their Will are carried out.
Some of the responsibilities of an executor include:
Registering the death
Arranging the funeral
Valuing the estate and drawing in assets
Paying any Inheritance Tax
Applying for probate
Sorting the deceased's finances
Distributing the estate (in accordance with the Will)
Keeping estate accounts
Setting up any trusts
An executor has legal responsibilities and can be personally liable for any mistakes.
Can I change my Executors?
Yes. You can change your Will and remove executors or they may wish not to act in which point a personal representative can apply to the court to act.
If I need help, can I ask you?
Absolutely. We can help the loved ones of clients, or, if you have come across our company and like what you hear and like the ethos behind SLS Wills and More, we are happy to support you too.