If you have been appointed an executor of a will, you will need to understand your role.
Importantly, if you are an attorney under an LPA, you will not act as an executor unless named in the deceased’s will as such. You can find details about a UK power of attorney at sites such as //powerofattorneyonline.co.uk/.
What is probate?
Probate is a process after death which ensures the deceased’s affairs are settled in accordance with their stated wishes and payment of any taxes or debts.
Who is responsible?
The executor is responsible for the next of kin if no will has been executed. Documents must be gathered and sent to the probate court. Naturally, you can seek the advice of a legal professional.
How long does the probate take?
This will depend on the complexity of the estate. It could be a few months or up to a year, depending on the Court’s schedule.
Are all estates subject to probate?
No, small estates may have designated beneficiaries where assets pass automatically as will property with joint tenancy – or a right of survivorship may avoid the process.
Probate Fees
Estates less than £5,000 have no fee attached but over that figure a fee of £300 applies when you apply for probate.
Debts and Taxes
Existing debts and taxes which survive the deceased must be settled and the executor will identify these. They can include debts to utility providers as well as other debts owed to banks or individuals. Tax liabilities must also be cleared.