Dealing with a loved one’s passing is tough, and alongside the emotional challenges, practical matters demand attention. This can sometimes feel overwhelming and a difficult juggling act. One crucial aspect of these practical matters is handling the deceased’s will. Knowing the necessary steps can simplify the process during this difficult time.
Locate the Will:
Start by finding the deceased’s will. It might be at home, with a solicitor, or in a safe deposit box. If unsure, checking with the deceased person’s solicitor or local Probate Registry is advisable.
Register the Death:
Before anything else, register the death with local authorities. You’ll need the death certificate, a crucial document for many subsequent processes.
Contact the Executor:
The executor, named in the will to carry out the deceased’s wishes, plays a key role. If you’re the executor, consult with a solicitor to understand your responsibilities. If someone else is named, get in touch with them to begin the process.
Apply for Probate:
Probate, the legal process of proving and registering the will, may not be necessary in some cases. However, for estates with property, shares, or substantial savings, it usually is. The executor can apply for probate through the Probate Registry.
Valuate the Estate:
Determine the value of the deceased person’s estate by assessing all assets, including property, savings, investments, and personal possessions. Subtract debts and funeral expenses to calculate the estate’s net value.
Settle Outstanding Debts:
Use the estate’s funds to settle outstanding debts, bills, or funeral expenses. This includes notifying relevant institutions of the person’s passing.
Distribute Assets:
Once debts are settled, distribute the remaining assets according to the instructions in the will. If there is no will, the estate will be distributed according to intestacy rules.
Inform Relevant Authorities:
Notify government agencies, banks, utility providers, and other relevant entities of the person’s death to avoid complications.
Inheritance Tax:
Check if the estate is liable for inheritance tax. If applicable, pay it before distributing assets.
Keep Detailed Records:
Throughout the process, maintain detailed records of all transactions, communications, and actions taken. This documentation may be required during audits or legal proceedings.
Seek Professional Advice:
If the process seems complex or overwhelming, seek professional advice. Solicitors experienced in probate can provide invaluable assistance, ensuring everything is handled correctly.
Remember, dealing with someone’s will is a significant responsibility, and taking it step by step can help ease the burden during an emotionally challenging time. Always consult with legal professionals to ensure adherence to the specific requirements and regulations in the UK.