The loss of a loved one is undoubtedly an emotional time and the responsibility of administering their estate can be overwhelming.

People often appoint relatives or friends as Executors in their Wills believing that it is more cost effective and easier to do but may not have considered the pressure and responsibility that comes with the role.

Executors under a Will or an Administrator in the case of an intestacy (where there is no Will) can be held personally liable for any loss to the estate resulting from their actions (or lack of action) and are encouraged to seek professional advice and guidance throughout the administration of an estate. They are required to administer the estate in a timely manner and deal with the tax affairs of the estate as well as ensuring that all of the assets have been collected in and debts paid before distributing the estate to the beneficiaries.

What may appear straightforward at the outset can soon become complicated and the assistance and guidance from a solicitor at the outset can help ensure that any complications are dealt with efficiently and correctly.

There can be a number of complications that arise in administering an estate such as:

1. Failing to identify all of the assets and liabilities within the estate;
2. Misinterpreting the terms of the Will;
3. Failing to pay the correct amount of inheritance tax (where applicable) on the estate either; due to not applying all of the allowances available at death and thereby paying too much or failing to identify all of the assets and paying too little.  Either way the Executor or Administrator may be personally liable for any losses suffered by the estate which can include payment of interest and/or penalties;
4. Incorrectly identifying the beneficiaries or being unable to locate them;
5. Dealing with claims against the estate by beneficiaries or creditors.

It is particularly important to seek advice where someone died without a Will as the rules for distribution of an estate in such circumstances are often misunderstood and the consequences of failing to administer an estate correctly are significant.

At Jackson Lees, we have the knowledge and expertise to ensure that you receive the correct advice and guidance throughout the administration of an estate so that you can be satisfied that you have complied with your duties as an Executor or Administrator. We take a sympathetic and empathetic approach to your needs and will reduce the burden and responsibility on you as an Executor or Administrator of the estate.

If you would like any more advice regarding Wills and Trusts or would like to speak to one of our specialist advisers, please click here for a call back or message us your enquiry.