When someone draws up their will, they are required to name one or more executors to take on the responsibilities of managing their estate. Often, people name their spouse or a children as executor. You can also nominate a professional such as a lawyer or accountant or a public trustee to perform the role for a fee. One common arrangement is for a will maker to appoint their children as joint executors to ensure they each have a say in the process.
Kimberley Martin, an estate planning lawyer based in Hobart, says executors have important responsibilities. That means finding records of property ownership, investments held and all other assets, along with any debts the deceased may have held.
This can be complicated and time-consuming, and many executors may seek the help of a solicitor to help navigate the process. Once all the assets and liabilities of the deceased are identified, the executor will apply to the court for a grant of probate — a legal document that certifies the will is valid.
There may be other financial and tax matters to attend to such as finalising any outstanding tax returns. Even with a will, Ms Martin says estates often take 12 to 18 months to finalise. It could be longer shorter than that depending on the circumstances. If someone is unhappy about being left out of a will, or they believe they're entitled to a larger share of the assets, they can challenge the will.
Phillip McGowan, an accredited specialist in estate law based in Sydney, says wills are usually challenged in two main ways. For example, if someone dies with two children, and leaves all the assets to one, the other sibling may decide to bring a family provision claim. When someone dies without a will, their assets are dealt with under the laws of intestacy. Money problems and complaints What to do about mis-selling, compensation and complaints.
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What does sorting out the estate involve? What is probate? What this limit is and the policy for accessing it varies depending on the provider.
They might ask for a copy of the death certificate as proof. The surviving spouse can continue to access that joint account. Back to top. The executor is normally a relative or a friend, or sometimes a solicitor or a bank. To get probate, you can either: use a probate specialist, which can cost thousands of pounds, or do it yourself, which usually costs a few hundred pounds. Use a probate specialist.
Find out more in our guide When to use a probate specialist. Get probate yourself. You could then pay a solicitor for smaller things, such as checking through the probate forms. Start your online application for probate on the GOV. Preparing for probate. Specifically, you need to find the will and make copies of certain documents. These documents are needed as you go through the process of getting probate. Find the will and make copies of some important documents. Also check for: Codicil: this is a legally binding document that the deceased might have written to make additions or changes to their original will.
Letter of wishes: this is a document that the deceased might have written to explain certain things in their will, or tell what kind of funeral they want. You might need more than one certified copy of the following documents: the will birth certificate death certificate the codicil s , if there are any marriage or civil partnership certificate, if the person was married. When you fill in the probate forms, you need to put in how much the estate is worth.
To value the estate, you need to: Find out the value of any assets, such as property, private pensions, savings, shares, jewellery, or valuable collectibles. Find out the value of any gifts that the person gave away in the seven years before they died.
Certain types of gifts that were given away before the person died might incur Inheritance Tax. Find out how much debt they have, if any, such as a mortgage, credit cards or loans. Include funeral costs as part of the debt if the estate is paying for the funeral. Work out how much the estate is worth when the debts are paid. Value jointly owned assets. Examples of this type of assets are a car, a house or a piece of land.
Joint bank accounts. But there might not be Inheritance Tax to pay on this asset if the value falls within their tax-free allowance. Not sure if an asset is jointly owned? Department of Finance and Personnel for properties in Northern Ireland.
Registers of Scotland for properties in Scotland. Safety of money held in an executorship account. Find out more in our guide Compensation if your bank or building society goes bust.
Working out Inheritance Tax. Examples discussing when a new grant will be needed are included in our What happens if a will is found after probate page. When the discovery of a lost will occurs changes the effect it has on the estate of the deceased. This site uses cookies to ensure that we give you the best experience possible. If you continue without changing your browser settings to decline or restrict cookies, or click on Accept Cookies, you are consenting to receive all cookies from our site.
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