Probate is commonly seen as a complex and confusing legal procedure. It involves verifying the authenticity of a deceased person's Will and applying for a Grant of Representation. This grant gives the executor(s) the authority to distribute the deceased person's assets as outlined in their Will. While managing an estate can be detailed and involved, it's crucial to do it correctly for several reasons.
Here's what you'll you need to do.
Validity of the Will
Administering an estate starts with confirming that the deceased person's Will is valid. If there's no valid Will, or if the Will is found invalid before the estate is administered, the deceased's assets will be divided according to the rules of intestacy, not according to the wishes they expressed in their Will. This underscores the importance of making sure a Will is not only legally valid but also clearly reflects how the person wants their assets to be distributed after their death.
Payment of Debts and Taxes
When administering an estate, the appointed executors, or their legal representatives, must make sure all debts and taxes are paid properly. This includes paying any Inheritance Tax due on the deceased's estate and filing an Income Tax return for any income the estate receives during this process. By making sure all debts and taxes are paid on time and in full, it helps to prevent any future claims over money owed by the estate.
The bottom line
In essence, whilst the process of Probate and estate administration may appear daunting, its execution is imperative to the orderly distribution of assets of the deceased estate.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
