When you have lost a loved one we are able to offer a professional and sympathetic service to help you overcome the confusion and difficulty that you will inevitably face. Whether or not someone has made a Will we can help to reduce the distress by dealing with the paperwork involved.
If you have been appointed as the Executor or are the administrator of a deceased's estate then you will find yourself under a legal obligation to administer the estate according to law.
Executors and Administrators are under a legal obligation to administer the estate according to law. It is advisable, particularly where there are several beneficiaries or if the deceased left a number of debts owing, to keep a detailed account in writing of what is received and how it is distributed. Where the Executor or Administrator is not the sole beneficiary it is advisable to open a separate Executors or Administrators bank account into which all of the assets should be paid. The duties of an Executor or Administrator include:-
i) Collecting and getting in the estate.
ii) Ascertaining what debts and liabilities the deceased left owing, in some cases where these are not fully known it will be advisable to advertise for claims against the estate because failure to advertise can in certain instances result in the Executor or Administrator becoming personally liable for the debts of the deceased.
iii) Filing a Tax Return with the Inland Revenue or the Capital Taxes Office and paying any tax due on the estate.
iv) Paying the debts so far as the assets left by the deceased are sufficient. The funeral, testamentary and administration expenses are the first charge on the estate.
v) Distributing the residuary estate to those who are, under the terms of the Will or the law of intestacy, legally entitled to it.
Please email our specialist private client team or telephone us on 01656 653122 to obtain more information without obligation