Is it possible to deal with Probate on your own? The simple answer is yes but there are a few things you need to be aware of before embarking solely in the role of an executor.
Firstly, a Will is a legal document and as such you must follow the instructions contained within it. Wills often contain complicated legal words and phrases which can be easily misinterpreted and appear confusing.
As an executor you can be held personally liable for any mistakes you make despite your best endeavours.
You have a legal obligation to discharge all the deceased`s liabilities and pay all potential creditors out of the estate prior to paying any beneficiaries.
Furthermore, you must trace all beneficiaries of the deceased`s estate otherwise you will be held personally liable and may have to pay back out of your own personal funds if they appear after you have distributed the estate.
As an executor you must keep clear and concise records of all payments received and paid out by the estate. This can quickly become increasing difficult if the estate is large with many legacies and liabilities.
Worse still all estate money should be kept separate from your own to avoid any potential misuse of funds.
Executors often know the beneficiaries personally and they may feel pressurised by them in this situation unlike professional advisor. An authorised professional, maybe a solicitor or accountant are used to dealing with the pressure.
Inheritance tax may be payable on the estate and valuable tax exemptions may be missed resulting in too much tax being paid. Also, probate forms can be confusing to complete and if either of these forms are completed incorrectly it can lead to further lengthy delays and further pressure on the executors.
Why not contact a member of our team today who will be happy to discuss and provide you with guidance ever step of the way.