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Probate DIY


In recent years Probate Lawyers have certainly noticed an increase in individuals trying to deal themselves with the administration of an estate following the death of a family member.  The ultimate responsibility for dealing with a deceased’s estate lies with the Executors appointed under the Will.  Where there is no Will, the law stipulates who is allowed to administer the estate.

 

Being an Executor can be an onerous role and can be very time consuming to deal with but more importantly, there are other factors that need to be considered that a lay Executor may not be aware of.  Inheritance Tax, along with Income Tax and Capital Gains Tax all need to be considered, assessed and accounted for to HM Revenue & Customs.  There are time limits within which accounts must be presented to HM Revenue & Customs and further time limits in which all taxes need to be paid.  There are also specific laws detailing how assets should be valued for tax purposes and therefore you would be advised to take legal advice to ensure that these aspects are dealt with correctly.

 

Other elements to consider include disputes, disappointed beneficiaries and ensuring that all creditors are notified and liabilities settled.  What if the Will sets up a Trust following the death?  What if there is not a Will?  These are just some examples of why it is important to take the correct legal advice when dealing with a deceased’s estate.  Probate Lawyers work closely with a deceased’s Executors and their families to ensure that all appropriate components are covered and deadlines met. 

 

For advice regarding any aspect of Wills or Probate, please contact Samantha Lloyd. Head of Wills and Probate, on Samantha.Lloyd@smesolicitors.co.uk or by telephone on 01905 723561.

 

Added: 23 Jan 2014 13:41


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