As an executor of a will, your main responsibilities are to: Locate and secure the assets You will need to locate and secure the assets of the deceased, including property, bank accounts, investments, and personal possessions. Pay debts and taxes You are responsible for paying any debts and taxes that the deceased owed, including any outstanding mortgages, credit card balances, […]
What is my job as the executor of a will?
How do I pay inheritance tax in the UK?
In the United Kingdom, inheritance tax is typically paid on the value of an estate (which includes assets such as property, money, and possessions) when someone dies. The tax rate is currently set at 40% on the value of the estate above the inheritance tax threshold, which is currently £325,000. Here are the general steps for paying inheritance tax in […]
How do I apply for a grant of probate in the UK?
In the United Kingdom, applying for a grant of probate (also known as a grant of representation) is a legal process that is required in order to administer the estate of a deceased person. The process generally involves the following steps: Collecting the necessary documents: This includes the will of the deceased, if there is one, as well as information […]
Do I need a grant of probate?
If someone has passed away and they had assets in their name alone (i.e., assets that were not jointly owned), then in most cases, a grant of probate will be needed in order to transfer ownership of those assets to the person(s) named in the will (the beneficiaries). A grant of probate is a legal document that gives the executor(s) […]
How long does probate take with a will?
The time it takes to complete the probate process can vary depending on a number of factors, including the complexity of the estate and any disputes that may arise. If the deceased left a valid will that is not contested and the estate is relatively straightforward, the probate process may take several months. In some cases, probate can be completed […]
How do I get money out of deceased bank account at Barclays?
If a person has passed away and had a bank account with Barclays, the process for getting money out of their account will depend on whether or not they had a will. If the deceased had a will: The executor of the estate, as named in the will, will need to present a certified copy of the death certificate and […]
What is ‘tell us once’ when someone dies?
“Tell Us Once” is a service offered by the government in the United Kingdom that allows individuals to report a death to multiple government organizations at once, rather than having to notify each organization separately. The service is typically used by the next of kin or the executor of the deceased person’s estate. The organizations that can be notified through […]
What happens if I do not apply for probate?
When a person dies, probate is the process of administering their estate by organising their assets, money and possessions and then distributing them as per the terms of a will or in line with the rules of intestacy. To be able to start probate, an executor (the person who takes legal responsibility for carrying out the instructions of a will) […]
What to do if an executor is not taking steps to administer an estate
After a death, the estate’s executor or administrator has the job of winding up the deceased’s affairs. We take a look at what happens if they fail to carry out their role. The task of administering an estate can be time-consuming and is often complex. Where an executor or administrator is not coping with the job or is simply not […]
What is probate and estate administration?
When someone has died in order to realise their assets and pay any debts you need to apply for a document that gives you the authority to act on their behalf. This is known as the grant of representation. When there is a will it will appoint executors to act and these are the people who have to apply for […]
What is intestacy?
If there is no will the estate may not be distributed as you would expect as there are strict rules that apply to determine who will inherit. What are the rules? When someone dies without a valid will there are strict inheritance laws, often referred to as the Rules of Intestacy, which apply in England and Wales. The Rules of […]