The time following the death of a partner, a member of your family, or a close friend is never easy. You need a sympathetic and careful listener who would giveyou the time you need to talk about the life of the person who has died, perhaps you still have the funeral to plan. Added to which one is faced with the task of resolving the financial affairs of deceased, an act which could affect the family for several generations hence.
When a person dies someone has to deal with their estate (any property or possessions or monies they have left) by collecting all the assets, paying any debts and distributing what is left to those people entitled to it, and it is important to sort out the financial affairs as quickly as possible not least because of the time constraints involved in the paying of inheritance tax.
Probate is the courts authority; given to a person or persons to administer a deceased persons estate and the document issued by the Probate Service is called a Grant of Representation. This document is usually required by the asset holders as proof to show the correct person or persons have the Probate Services authority to administer a deceased persons estate.
If the deceased person has left a Will, they will almost certainly have named an executor; that is someone who they intended to take responsibility for the dead persons finances. If you are an executor, there are several steps that you need to take in order for this to be possible. Sometimes administering an estate can be extremely complex and time consuming and, of course, it all happens at a time of distress. Most estates have to go through probate, even if the deceased died without will.
It ensures the deceaseds assets go to the right people and all tax due on death, is identified and collected. Sometimes, the person nominated as executor knows little or nothing about the process of administering a Will and the many other tasks that need to be carried out. If you are acting as an executor in a Will, our professional advice would prove invaluable in achieving swift resolution of the estate and avoid inheritance tax on this estate and for future generations.