Estate administration is the management of a person’s assets when they pass away. This involves collecting in and distributing the deceased assets. It is the job of Executors (appointed under a Will) or Administrators (entitled by law where there is no Will) to deal with administrating their estate. Due to the stress that this can cause, a lot of Executors and Administrators choose to take legal advice to help them.
The Probate process may appear straightforward, but it has its drawbacks, and it is very easy for things to go wrong.
Responsibilities
The Executor is responsible for collecting in all of the deceased person’s estate, paying out any liabilities and then distributing the estate in accordance with the deceased’s Will. Other duties of an executor include:
- Working out whether any Inheritance Tax or other taxes is due, and paying it to HMRC
- Applying for Probate
- A duty to the beneficiaries
One problem executors can face is the logistical issue of how to pay Inheritance Tax when they do not have the benefit of a Grant of Probate enabling them to collect in funds. This can lead to delays in administering the estate.
What if an Executor or Administrator makes a mistake
If you are an executor in a Will, you can be held financially and legally responsible for any mistakes that you make – even if they are genuine mistakes. If it is believed that an executor is distributing assets incorrectly or failing in their other duties, a claim against them can be made.
Contact us now
If you are an executor or administrator of an estate, call us on 01543 440308 to find out how we can help. We offer a range of services from initial advice regarding the estate administration process and the duties of your role, to dealing with the entire process on your behalf.