Is There a Will?
What to Do If There is a Will
If the deceased left a will, the executors named in the will are responsible for managing the estate. The main duties of the executor include:
Notifying Relevant Parties
The executors must inform banks, insurance companies, and other organisations about the death and begin the process of settling accounts and liabilities.
Valuing the Estate
Executors are required to calculate the value of the estate, including all property, investments, and personal belongings. This helps determine whether inheritance tax is payable.
Inheritance Tax Return and Payment
Executors must submit an inheritance tax (IHT) return to HMRC and ensure that any tax due is paid before distributing the estate to beneficiaries.
Applying for Probate
The executor must apply for a Grant of Probate to gain legal authority to manage and distribute the estate according to the will’s terms.
What Happens If There is No Will?
If the deceased did not leave a will (intestate), the estate will be distributed according to the laws of intestacy. The rules of intestacy outline the order in which family members inherit, starting with the spouse or civil partner and children. In the absence of these, other relatives may inherit. In cases of intestacy, the court will appoint personal representatives to administer the estate. These representatives have duties similar to those of executors but must follow the strict rules of intestacy when distributing the estate.
Steps for Administering an Estate
Ensure smooth estate administration, whether there’s a will or not. Executors and personal representatives can rely on expert support for valuation, inheritance tax, and probate.
How We Can Help
Probate Application
Guiding executors through the process of applying for probate and dealing with legal complexities.
Estate Valuation and Inheritance Tax
Assisting with the accurate valuation of the estate and ensuring that any IHT liabilities are met.
Estate Distribution
Managing the distribution of assets in accordance with the will or intestacy rules.
Contact us for assistance
If you need help administering an estate, whether there is a will or not, contact us today for a no-bligation consultation with one of our probate experts.
Need assistance with estate administration? Contact us today for expert guidance and support.