This week is Mental Health Awareness Week. We’ve embraced this with a series of wellbeing-focused activities aimed at supporting our team’s mental and physical health. We began the week with an online webinar led by Registered Nutritional...
We know how difficult it can be to deal with the loss of a loved one.
At Nowell Meller we are passionate about supporting family and friends to help take some stress away during a very difficult time.
Here is some information about the steps you will need to take once you are emotionally ready to deal with the practical implications of your situation
Initial Steps
We strongly recommend that you first complete a Will Search to ensure you are working off the most recent Will.
As Executor, you will be personally liable for any estate debts, even if you don't know about them. We also suggest you do a S27 Notice to protect you from any future claims that you may be unaware of.
As the executor, both of the above give you protection should a more recent Will be found at a later date. If you do not, you may be personally liable as the executor for any errors in the administration.
You will need to establish what assets your loved one had, and if they have any liabilities. Once you know this, you can then calculate if they have any Inheritance Tax liability.
Once you know the total value of the estate and the details of each asset, you will know whether a Grant of probate, a Grant of representation or neither will be required. This will depend on the type of assets in the estate as well as the estate value.
What is A Grant of Probate/Representation
These are legal documents issued by the Probate Court that will give the executors or administrators the legal authority to deal with the estate.
Administration
You then need to:
- Notify all relevant companies and financial institutions of the death and whether you will be obtaining a Grant.
- Complete the documentation to apply for the grant of probate/representation if required.
- Realise all of the assets of the estate.
- Settle any debts.
- Deal with any legacy payments, personal beneficiaries or charitable legacies.
- Prepare estate accounts and keep a record in the event these are called upon in the future by the Probate Registry/HMRC or potential missed beneficiaries.
- Deal with any complexities such as inheritance tax, reporting of income tax to HMRC, missing beneficiaries, or anything else which may arise.
We understand that this can feel like an overwhelming task. We are here to support you.
Our team can help to deal with the administration of the estate on your behalf and the costs can even be met from the estate.
We are able to advise and support you through each step of the process to ensure the estate is dealt with in the correct way, giving you peace of mind and helping to take some of the stress away.
We offer support from obtaining Grant of Probate through to full administration, including collecting all the data, dealing with tax issues and realising the assets. We can then distribute it to the beneficiaries for you.
If you would like support, please contact our team and we will be happy to help guide you through the process.
Newcastle 01782 987551
Stafford 01785 252377
Alsager 01270 446260
