3 West Street, Emsworth, Hants PO10 7DX
One of the first steps as an Executor is to identify and then notify and deal with all the organisations where the deceased might hold assets - banks, building societies, NS&I, insurance companies, pension providers, share registrars and other companies. This may not be as simple as it sounds. Each organisation has different requirements and processes and their own forms that must be completed in order to obtain the information needed to apply for the Grant of Probate (the official document giving the Executor his or her authority).
The Executor then needs to complete various forms that go to HMRC if Inheritance Tax is payable and then apply, usually online via the Probate Registry’s portal, before the Grant is issued.
Once the Grant has been issued it must then be produced to the various organisations, so they must all be contacted again. This can involve more processes and paperwork, before the funds are paid to the Executor, so he or she can then distribute them.
Whilst some processes are digitized, so documents and forms can be scanned electronically, legislation prohibits photocopies of Death Certificates being used or certified and more often than not, original signed forms still have to be provided to avoid fraud or misuse of the deceased’s funds.
Often dealing with the administration of an estate can prove too much for the Executor, especially if he or she is a loved one, when it can become distressing, or if the Executor has no experience in dealing with, or desire to deal with, paperwork and figures. It can be even more onerous if there is Inheritance Tax to pay or reliefs to claim.
If you have been appointed as an Executor and would like further guidance, please contact one of our solicitors.
If you are thinking about appointing an Executor, your choice of Executor is a very important part of your Will, as you can see there is a lot of responsibility to administer your estate once you pass away. Ideally you should use a solicitor to make your Will to ensure that it is clear and valid. Details of your assets and how they can be accessed, could be left with your Will and both held with us in our secure storage facility to make the job of administering your estate easier.
Please contact one of our solicitors if you would like more information about making a Will or assisting your Executor with administering your estate when the time comes.