When a loved one dies and you are appointed as an executor, it can sometimes seem overwhelming as to where to start and what to do as there are many important jobs that will need to be carried out.
You may decide to deal with the estate on your own or to instruct a lawyer to assist you. Instructing a law firm eases the burden and takes some of the stress away from you at a time when you are grieving and need to be with your family and relatives.
The probate process can be simple if there is a small amount of assets to deal with and the Will is straight forward. It is more complex if it is a taxable estate or there are multiple beneficiaries or debts to pay. It can also be complex if there is no Will as you will have to work out who inherits under the rules of intestacy and determine who will be responsible to deal with the administration of the estate. If there is no Will, the person responsible for dealing with the estate will be the Personal Representative. Usually this is the next of kin.
RG Law can assist you in dealing with the full administration of the estate or just obtaining a Grant of Probate. This will ensure that you benefit from the legal expertise and advice from us as we deal with estates on a daily basis. We will be able to calculate whether tax will be payable and provide advice as to whether any additional tax may be payable later on in the estate from things such as Capital Gains Tax. We will take the stress out of dealing with the financial institutions to collate asset information and close accounts. We will also prepare the estate accounts and inheritance tax forms in preparation for obtaining the Grant of Probate.
Instructing a law firm prevents you from being involved in any disputes or family disagreements that are brought about by relatives and beneficiaries not being happy with the way the Will should be distributed or question the validity of a Will. An Executor must remain neutral where there are any claims or potential claims in an estate and instructing a law firm will ensure that this happens as they are independent and have no emotional ties to the deceased.
Another reason to instruct a law firm is that they are ready to deal with any issues that arise such as an insolvent estate or a missing beneficiary. A law firm will be able to know how to deal with these issues from their experience and years of expertise. This in the long run can save you time and money by instructing a law firm from the start as these issues may not arise as a lawyer may have pre-emptively dealt with them already.
If you are in the process of dealing with an estate and require assistance or a loved one has died and you don’t know where to start, RG Law would be happy to assist you and ensure the process is as stress free as possible for you.
Please contact our Wills and Probate department on 01904 234095 to start the process.