St Helens & Wigan
When a person dies someone will need to deal with their estate and affairs, this person is known as the Personal Representative and the process of dealing is known as Estate Administration. If a person died having made a valid Will then the Will provisions will determine how the Estate is to be divided and distributed. The Will should appoint persons to act in the Estate Administration and these people are known as the Executors.
When a person dies without having made a valid Will in life then he or she is said to have died intestate and the Intestacy Rules will therefore apply and determine how the Estate is divided and distributed. The persons responsible for the administration of the Deceased’s Estate are known as the Administrators.
When there is a Will
When someone dies having made a Will then the provisions of the Will decide who benefits and in what proportionsIf you are named as an Executor of a Will then you are the person responsible to ensure the Will terms are carried out. Your responsibility is also to the Beneficiaries of the Estate.
When there isn’t a Will
When a person dies without having made a Will they are said to have died intestate and the Intestacy Rules (set out in the Administration of Estates Act 1925) will govern how their Estate is divided and distributed.
As an Executor or Administrator you are responsible for the administration of the deceased’s Estate.
In some cases disputes may arise with the Will and or the Administration process.The Estate cannot be dealt with until all claims to it have been received. Individuals have six months from the date when probate was granted to make claims against the Estate.
Planning ahead will give you the opportunity to make maximum use of the tax reliefs and exemptions that may be available to you for any Inheritance Tax liability you might have.
St Helens & Wigan