Executors are feeling more confident in administrating a will themselves. Below are some of the key duties that you need to undertake if you decided that doing it yourself is for you.
Your role as an executor of the will.
Register the death.
Register the death at a local register office. You’ll need the lasted copy of the will and a schedule of the assets of the deceased estate.
Pay the inheritance tax.
You’ll need to pay the inheritance tax on the value of the deceased’s estate. It is currently paid at a rate of forty per cent on assets above £325,000. This can be reduced to thirty-six per cent if you give a least ten per cent to charity. These limits tend to change each year with the budget.
Apply for a grant of probate.
The grant of probate is the document authorising you to deal with the estate. You apply to the Probate Registry. You will need to pay a fee of £215. We would recommend that you request several copies. You’ll need them for the banks, pension provider etc. to tell them about the death and that you are responsible for the management of the estate.
Consider getting professional advice with the will.
You may want to take professional advice from a solicitor. More and more people are going it alone, especially when the estate is small. Common errors include miscalculating the inheritance tax liability or missing out on reliefs.
Payout the beneficiaries of the will.
You will need to open an executor’s account. You cannot do this through your own personal account. The transaction will need to be kept separate from your personal affairs.
Peter Anstee from Anstee & Co said:
“In many cases family or friends are well placed to handle a trust or estate in a professional and cost effective manner. Especial ones below the inheritance tax threshold. I would personally recommend that you appoint a solicitor. They will act impartially and objectively. Their independence can also help smooth out any underlying family issues.”
How much will professional advice cost?
Solicitor firms will charge in different ways. Some may quote an hourly rate other may offer a fixed rate. The total cost will always come down to the complexities and size of the estate. Ask for a written quote from the solicitors before you engage them.
How Anstee & Co can help you.
Our team of financial advisers can help with estate planning. Meetings can be arranged at our offices in Kettering, Stamford, Birmingham and London. Meetings can also be arranged at your home. Our advisers cover Northamptonshire, Lincolnshire, Warwickshire and Bedfordshire. We also make use of meeting rooms in Northampton, Towcester, Wellingborough and Bedford.
The first meeting is at our cost. Why not arrange a meeting today to see how we can help you.