The short answer to this question is so that the burden is taken away from you while you are grieving the loss of a loved one. However, there are many reasons why a Solicitor may be better placed to help you to administer someone’s estate rather than dealing with matters personally or with the help of another professional, such as an accountant. For the purposes of this article, “Solicitor” does not necessarily mean a qualified Solicitor, but any lawyer employed within a legal practice.
One of the first issues to seek advice on is in relation to the contents and validity of a Will, or indeed what happens in the absence of one. These aspects are very much legal matters and are crucial to ensure that the estate is dealt with properly. For example, is the Will valid? Does the Will dispose of all of the person’s assets? Does the Will create Trust? If there is no Will, who inherits?
As an executor of someone’s Will, or as the person acting as the administrator where there is no valid Will, you have a legal obligation to:
- Gather accurate details of the value of the deceased person’s assets and liabilities.
- Deal with any requirements for calculating inheritance tax as well as reporting a return to HMRC and arranging for the tax to be paid.
- Apply for and obtain the Grant of Probate or Letters of Administration.
- Collect in all of the assets and pay any outstanding debts of the deceased due at the date of death or arising thereafter (such as income tax and capital gains tax if relevant).
- Distribute the balance of funds to the beneficiaries according to the Will or the intestacy rules where there is no Will. This could be problematic, for example, where a beneficiary is under the age of 18 or cannot be traced.
Whilst you may feel capable of applying for a Grant of Probate or Letters of Administration yourself, Solicitors who deal with estates on a daily basis have all of the expertise to guide you fully in all of these legal requirements and procedural issues involved in the administration.
Solicitors can assist you with all of the taxation issues arising as a result of the person’s death and during the period of the administration of the estate itself. They are able to advise you on complex issues such as business, agricultural or foreign property interests, or where a trust is created, as well as any dispute that may arise between beneficiaries or those who feel they should have benefited from the estate where perhaps they did not.
Another important point to note is that a firm of solicitors such as WBW Solicitors LLP is regulated, so you are protected if anything goes wrong. If you make a mistake when dealing with a person’s estate, or rely on the help of someone not sufficiently qualified to assist, you could be held personally liable to the beneficiaries and also the estate’s creditors.
For further information on anything mentioned in this article, or any other Private Client query, contact Laura Thompson at WBW Solicitors in Launceston on 01566 771022 or email laurathompson@wbw.co.uk.
WBW has offices in Torquay, Paignton, Newton Abbot, Exeter, Bovey Tracey, Exmouth, Honiton, Sidmouth, Launceston, Axminster, Chard and Seaton.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.
