You can appoint anyone you wish to be an Executor of your Will and you may feel that your family or close friends can carry this task out easily when you’ve gone, however complex your estate may be. It is important that the Executor you appoint, understands the duties they need to undertake and how to properly administer your estate, according to your wishes and in the most efficient way possible for your estate. A lot of people underestimate the work and the time involved in administering a loved one’s estate, and at a time where your family members and loved ones are grieving for you, this responsibility may be something which can be hard to cope with.
Administering someone’s estate imposes the following duties and responsibilities: –
- Draft and prepare the probate papers and submit to the Probate Registry.
- Complete the relevant Inland Revenue forms and calculate any inheritance tax payable.
- Arrange for the payment of any inheritance tax by liaising with beneficiaries and banks.
- Place the relevant Trustee Act Notices to require any claimants to come forward.
- Identify any life or minority interests.
- Set up and manage any Trusts created by the Will.
- Ensure that all legal procedures are adhered to, which will enable the estate to be administered correctly.
- Contact all financial institutions, government bodies and other interested parties, and obtain details of all assets and liabilities of the estate.
- Arrange any necessary formal valuations of any assets, e.g. House, Jewellery, Companies.
- Complete and submit any necessary income tax returns both for the period to death and during the administration period.
- Obtain clearance from HM Revenue & Customs.
- Prepare a final income tax return prior to distribution of the estate.
- Calculate whether there is any income tax or capital gains tax payable and arrange payment with HM Revenue & Customs.
- Collect in all the assets of the estate.
- Pay all liabilities of the estate having regard to the correct statutory provisions.
- Prepare estate accounts and obtain approval.
- Distribute the proceeds of the estate.
It may be preferable to you in this circumstance that a professional, knowledgeable and friendly company who have decades of experience in administering estates and will help guide your loved ones through the confusing legal and financial jargon, complete the work for you and guide your loved one every step of the way. We will always work with your chosen point of contact to ensure that not only your wishes are carried out as per your wishes, but your family’s circumstances will also be considered.