Sorting out the finances of a deceased loved one is a challenging task, but having a clear understanding of the probate system can greatly alleviate stress and save time. If you have been designated as the executor in a will, it is your responsibility to handle the financial affairs of the deceased. However, banks and other institutions will typically require proof of your legal authority to distribute the estate before releasing any funds, which is referred to as a grant of probate. Official statistics indicate that around 5,000 grants of probate are issued every week in England and Wales.
In cases where the deceased possessed no property and their estate is valued at less than £10,000, it may be possible to avoid the lengthy process of obtaining a grant. Nevertheless, the majority of executors do require one. Unfortunately, there have been reports of significant delays within the probate system, resulting in families waiting months to gain control of their loved one’s finances.
To facilitate a smoother process, there are a few key steps to follow. First, it is a legal obligation to register the death within five working days (eight in Scotland) and obtain a copy of the death certificate. Financial institutions will require this certificate when you notify them of the death, so it is advisable to order multiple copies (around four or five) to ensure you have enough. Each copy costs £11 in England and Wales. Some banks may request an “original certificate,” but this simply means a certified copy, and additional copies can be ordered if necessary.
Next, it is essential to locate the will, as it should name the executor responsible for managing the finances. However, individuals are not obligated to fulfill the role of executor and can choose to renounce it. If you feel unable to handle the responsibilities, you can appoint a solicitor to act on your behalf or formally decline the role by signing a renunciation. In cases where there is no will, you will need to apply for letters of administration, a process similar to applying for probate.
Once you have the will, it is necessary to inform all the beneficiaries and publish a notice in the Gazette, the official public record, to notify potential creditors. This step may seem excessive but serves to demonstrate that you have fulfilled your legal duties as the executor. Failure to identify potential creditors could result in them pursuing beneficiaries for outstanding debts.
Additionally, arrangements must be made for the funeral. The deceased may have left instructions in their will, and the average cost of a full funeral service is £3,953 according to SunLife. Some banks may provide funds for funeral expenses prior to the grant of probate, while others may reimburse the executor later from the estate. Executors or Administrators can recover reasonable expenses from the estate, including probate registry fees, funeral expenses, property maintenance costs, postage costs, the cost of death certificates, property insurance costs, clearance costs, and valuation fees.
Finally, it is crucial to contact relevant organizations and government departments to notify them of the death. The “Tell Us Once” service can be used to register the death with government departments such as HM Revenue and Customs and the Department for Work and Pensions. Additionally, contact should be made with banks, pension providers, investment firms, and any other companies where the deceased held funds. For convenience, the Death Notification Service can be utilized if the deceased had accounts with specific firms, allowing you to notify multiple organizations simultaneously.
By following these steps, the probate process can be managed more efficiently and with reduced stress.
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