When a loved one passes away, a family member is usually responsible for administering their estate, which includes probate.
Probate is strictly defined in England and Wales as the process of proving a Will is legally valid, although has now become synonymous with the entire estate administration process.
Administering an estate can be complicated and is often labour intensive. Mistakes are common and are particularly likely to occur when the process is left to people with limited experience of what is involved.
Enlisting the help of a legal professional experienced in estate administration can be invaluable.
Executors and administrators (known collectively as personal representatives (PRs)) are entitled to appoint a solicitor to help them with probate, with the costs paid for by the estate.
A specialist probate solicitor provides much-needed support and guidance throughout the process and minimises the risk of anything going wrong.
In this blog, our Wills and Probate Solicitors consider how a solicitor helps with estate administration.
- Knows what to do.
An experienced Wills and Probate solicitor will have helped numerous clients with probate and worked on various estates of many different sizes and complexity.
A specialist legal professional will ensure the process runs smoothly by knowing what to do and when.
- Can understand and interpret a Will.
Wills often contain legal terminology that can be difficult for those with no background in the law to interpret and understand.
A solicitor with experience in Wills and probate matters can help to clarify any ambiguities.
Some common issues that arise with Wills during probate include codicils (amendments to the Will), unclear instructions, or the death of a beneficiary.
- Knows when to distribute assets.
Personal representatives often come under pressure to distribute the assets of an estate to beneficiaries as quickly as possible. However, giving out money and other items too early can have severe consequences.
For example, if unexpected liabilities are subsequently discovered, and there is not enough money left in the estate to cover these costs, a PR would be personally liable.
- Ensures all assets and liabilities are located.
Identifying and gathering all the relevant assets and liabilities of a deceased person’s estate can be difficult.
However, undertaking a full financial asset search is crucial so that you submit accurate figures to HMRC.
Failing to locate assets or submitting erroneous figures means you might face a claim from a creditor or beneficiary in the future.
A solicitor specialising in probate will help you gather all the deceased’s assets and liabilities.
- Records information.
Executors and administrators are legally required to show all financial transactions made to and from the estate, including written confirmation that beneficiaries received their share of the estate, receipts showing debts paid, and any records of expenses from dealing with the estate.
An experienced probate solicitor will ensure PRs keep a thorough, comprehensive, and detailed record.
- Can search for beneficiaries.
PRs are legally obliged to take ‘all reasonable steps’ to track down the beneficiaries of a Will, otherwise, they may be personally responsible for any losses incurred.
However, this can be harder than you think. For example, some Wills leave gifts to groups of people rather than named individuals (such as ‘my grandchildren’), and it can be difficult for PRs to know that any list they have made is exhaustive.
A solicitor specialising in estate administration can advise what qualifies as ‘all reasonable steps’ and assist in your search.
- Helps with valuations.
Coming up with an accurate valuation for all the assets that comprise an estate can be extremely difficult.
However, incorrect figures can lead to beneficiaries missing out and have implications for the amount of inheritance tax paid to HMRC.
Specialist advice is vital to ensure estates are valued correctly and reduce the likelihood of mistakes.
Probate Solicitors Portsmouth
Dealing with somebody’s legal affairs when they die can be complicated, distressing and lengthy, often taking many months to complete.
If you have been appointed as an executor, or you are a close relative of someone who has passed away without making a Will, you may be responsible for dealing with the estate.
Our team of probate specialists has a wealth of experience in providing valuable assistance in such difficult circumstances.
We realise that it can be a daunting prospect, but our experienced probate solicitors will guide you through the process, explaining everything that is required of you in administering a deceased estate.
We can help you with:
- Obtaining a grant of probate.
- Calculation and payment of inheritance tax, Capital Gains Tax, and correspondence with HM Revenue & Customs.
- Collecting assets and arranging valuations.
- Payments of debts and expenses.
- Distribution of the estate to the beneficiaries.
For more information about how we can help, or to speak to one of our local probate solicitors in Portsmouth and Waterlooville, call us on 023 9224 6666 or make an online enquiry.
Please note that this article is not intended to be legal or professional advice. It is for general guidance only, and updates to the law may have changed since it was published.
