Probate
Your role in the administration of an estate of a deceased person who has named you as an executor within their Will
The role of an executor is very responsible and also potentially time consuming and, if you get anything wrong, you will be personally liable for any mistakes, so it is usually best to get professional help/advice accordingly from a firm that has professional indemnity cover for just such occasions.
The dual meaning of probate
The role of gathering in the estate is called the ‘’probate’’ process and there is also a separate certificate often required to be issued by the Probate Registry which is called a ‘’grant of probate’’.
There is often confusion with the term ‘’probate’’ as a result.
All estates will need to go through the probate process and some financial institutions will also insist on a grant of probate being presented before they will release to the executor(s) any funds belonging to the estate of the deceased. Where a property is involved a Grant of Probate will always be required before the property can be dealt with.
If there is no Will then a representative of the deceased (usually a close family member) will have to apply for a grant of letters of administration and the estate will then have to be dealt with according to the laws of intestacy.
How long will the process take?
Every estate is different, and it will be impossible to tell in advance how long the whole process will take to complete which can be typically between 6 months and up to 2 years or even longer in some more complex cases and with the Probate offices also currently severely understaffed.
Again, with all of this taken into consideration, it is recommended for ease and peace of mind that a professional is instructed to conduct the work involved, as they will have significant experience in this area and know how to expedite the process accordingly.
While there is a cost in emplying the servoces of a professional, in the long run, it will not only sav you time and worry, but could well actually save you money personally as well.
Give us a call FREE on 0800 668 11 64 to find out more about our we can assist you if you have been nominated as an executor and are unsure if the role is one that you wish to undertake.