Kent Solicitors

When someone dies, their assets are frozen and beneficiaries often wonder why the estate cannot be distributed straight away.

The Executors named in the Will, or the Personal Representatives if there is no Will, have to go through certain formalities.

The Executors first job, after the funeral arrangements, is to establish and identify the value of all assets and debts. This can take time, especially if the estate has funds spread over several different accounts.

Once the information is complete, the Executors will apply for the “Grant of Probate” which will enable them to close the accounts. Before they can obtain the Grant, the Executors need to swear an Oath to administer the estate correctly and complete an Inland Revenue Account. There may be a portion of Inheritance Tax to be paid before the Grant can be issued and the Executors have to arrange to release funds from a bank or building society to pay this, or possibly take out a loan.

So why does it appear to take so long? The Executors have to pay debts and other expenses and legacies, deal with lifetime tax and Inheritance Tax, including in some cases, negotiations with the Revenue over the value of certain assets.

Executors will normally place adverts in a local papers to see if there are any other claims on the estate. This is important, because if the adverts are not placed the Executor will be personally liable for any debts that come to light in the future, if he or she has already distributed the estate.

Acting as Executor is a responsible and time consuming job. Kaslers Solicitors LLP can help so that the estate is administered promptly and efficiently and advice is given to keep tax liabilities to a minimum.

Telephone Vanessa Adamson on 01622 844607 for further information.

Labels: Executor Wills Probate beneficiaries