Dealing with an estate can be challenging and time consuming. Personal representatives are responsible for ensuring the deceased’s finances, property and possessions are correctly dealt with and distributed. They should carry out the deceased’s wishes in the will, if there is one and ensure that all debts are paid, with any tax owed being reported and paid correctly.
How can a legal service help you to administer an estate?
Wills, Trusts and Estates experts are there to help and support personal representatives and ensure that the estate is administered correctly. They can deal with all matters during the administration of an estate such as notifying third parties and beneficiaries of the death, applying for the grant of probate, collecting the assets, paying debts of the estate, distributing the estate to the beneficiaries, dealing with the estate’s tax affairs, and providing accounts confirming all of the estate’s financial information.
Jackson Lees have a vastly experienced and professionally qualified team who have dealt with a large variety of estates and are therefore able to advise you in avoiding common pitfalls and problems when dealing with estates. Having a dedicated team acting on behalf of the estate will result in a faster process and will eliminate any delays through the long stages of inactivity.
Legal services can help you interpret the contents of the Will and explain any complex clauses including any trusts created by the Will. If there is no Will, they can advise on who would benefit from the estate and who can apply for the grant according to the Rules of Intestacy. They can deal with the application for the grant of probate as well as issues and potential problems with the Will, its execution or person applying for the grant.
Protection from Personal Liability
Personal representatives can be held responsible by beneficiaries and creditors of the estate if they fail to act correctly. The team at Jackson Lees can advise taking the appropriate measures to protect yourself, so you can avoid being held personally responsible for a failure to administer the estate correctly.
Disagreements and Disputes
If there are any disagreements or issues with beneficiaries or family members of the deceased it can help have a neutral third party, like a solicitor, to ensure the correct administration of the estate and that the right information is given to the appropriate parties.
Tax
It is the personal representative’s responsibility to pay any tax owed by the deceased which was owed both in their lifetime and by their estate. To apply for Probate, the correct amount of inheritance tax needs to be calculated, reported and paid at the right time. There are various reliefs that can be claimed to reduce the tax owed. Our team can help ensure that you claim the maximum reliefs, pay the correct tax and that you avoid paying penalties or interest due to late payment or underpaying.
Jackson Lees can provide you with expert, professional and sensitive legal advice, helping you deal with a wide range of civil litigations matters including dealing with estates.
Let Jackson Lees make things a little easier for you and your family. Contact our Wills, Trusts & Probate team make an enquiry or give us a call.