After someone dies, the foremost question which arises pertaining to the assets and property of the deceased is that who is going to deal with them? There is only one way to do it, and that is through the courts and the law. An “executor” is appointed under the will of the deceased. In the case of no will, a close relative takes care of the entire process.
This person is appointed by the court itself and is called as the “administrator”. They become the representative of the estate and perform the job of managing it. If there are still any confusions in the matter, help must be taken from the solicitor in both the cases – if the will is present or if it is absent.
Assessing the property and money
If the deceased has left a lot of money and property, the administrator needs to apply for a grant so that he can gain any sort of access to the money. In the case of the presence of a will, the Probate Registry will issue probate for the will through grant letters.
If the deceased has left a very small amount of money or assets after their death then getting a probate doesn’t become a necessity. This money can be used for the payment of the immediate expenses like a funeral, mortgage, or the insurance of the house. However, the financial institutions and banks have their own unique rules so make sure to gain familiarity with them beforehand.
Debts of the deceased
This is the foremost thing which must be done by the administrator/executor. A check and balance should be prepared of all the assets and the debts, and the latter should be cleared. If there is anything left afterwards, it can be paid to the beneficiaries of the will.
Dealing with the claims
There are high chances of claims and clashes if the deceased has left a reasonable property after him. If a family member raises a voice against not been given any share in the will, they are protected under the Family Protection Act. If their claim is valid, the court helps them to get their share, and the administrator or the executor of the property is bound to follow the orders of the court.
After everything has been sorted out including the debts, taxes, and the claims, the property is then distributed amongst the beneficiaries. The foremost priority is to follow the will, and if there is no will, the law should be followed.
There are certain cases which are more complex but to deal with them; it is better to take legal help so that no matter remains unattended.
Need help with a deceased estate?
At IWC Probate Services, we have experts that can assist you with all matters of probate, including issues concerning court judgements of deceased estates. If you’ve been appointed an executor or perhaps feel you are entitled to your share of a will, then get in touch with our team on 020 8017 1029 for a low-cost, fixed-fee probate solution.