04 October 2019
Sometimes people name their solicitors to be their Executors in their Will. This is often the case where the terms of the Will are complex, the Estate is valuable or includes oversees assets. In some cases it is because the Testator (person who wrote the Will) didn’t want to inconvenience family members by asking them to spend time and effort in administering the Estate. It can be surprisingly time consuming.
However, more often than not, the Testator will have chosen friends or family members to act as their Executors. If you were named as the Executor you don’t need to instruct a solicitor to assist you. You can make a “Personal Application” for probate.
However in some cases Executors are simply too busy to do it themselves. This is understandable if you work full-time or care for young children or elderly family. There are only so many hours in the day.
Administering an Estate and making Inheritance Tax calculations can sometimes be unnerving. There is lots of technical jargon which is particularly difficult to navigate when you are grieving.
Executors have a fiduciary duty to the Beneficiaries (people who inherit under the Will) and are personally liable for mistakes. So you might decide that it is money well spent to take advice. This is because solicitors can identify potential issues for you.
1. Is the Will valid?
A Private Client solicitor is able to assess whether a Will is valid. This is often an issue with “homemade” Wills or Wills made online. If a Will is not correctly signed and witnessed it is of no effect and the Estate should be processed under Intestacy Law.
Wills sometimes have handwritten alterations which change the original instructions in the Will. A lawyer can tell you whether they are effective.
2. Understanding the Will
Wills often include old-fashioned and technical language. It can be easy to misinterpret clauses, especially if a Beneficiary has predeceased. Who should receive the gift instead? Does an unborn baby count as a “grandchild” who is to receive a share of the Estate? A lawyer can tell you the meaning of specific clauses. They can also help you to identify Beneficiaries and calculate each Beneficiaries’ inheritance.
3. Understanding Inheritance Tax.
Every application for Probate is accompanied by an Inheritance Tax form or return. Executors are responsible for calculating the tax due or explaining why the Estate is not liable for tax. It is important to understand the available Inheritance Tax exemptions to avoid overpaying tax.
You have the option of instructing a solicitor of your choice to assist you. You can instruct us on a fixed-fee basis to help you to get the Grant of Probate and prepare the Inheritance tax forms. Alternatively, you could instruct us to deal with everything for you. We charge on an hourly rate having provided you with a written estimate. Costs are payable from the Estate funds.
If you would like assistance in applying for a Grant of Representation you can contact our friendly and approachable Wills, Trust and Probate lawyers at our Bournemouth and Christchurch offices:
Please note, this is not legal advice. It is intended to provide information of general interest about current legal issues.
