Probate & Executor Services

Anyone aged 18 or over can act as an executor of a Will. The only caveat is that you should choose those who are comfortable and capable of taking on the responsibility.

We find that for most of our clients, their affairs are sufficiently complicated to justify a professional executor, although most people also choose their spouse, partner, adult child, friend or close relative to act on their behalf. It’s worth noting that your executor can be a beneficiary in your Will; they don’t have to be impartial.

It’s good practice to have two executors, one of whom should be a professional, although up to four are legally allowed. Having two offers good ‘cover’ if one is unable to act or passes away before you’ve updated your Will, whilst removing the difficulties of having too many people involved. A professional executor will have specialist knowledge to ensure your estate is looked after and help remove some of the burden from your family. It’s worth noting that some of the documentation which executors might face is extremely daunting; the forms related to IHT top more than 100 pages alongside a similar number of pages of notes. Specialist software can be a big help, although the costs can be prohibitive for if you have specified a family member or friend as your executor.

A professional executor has the required skills and experience to deal with your estate, ranging from handling the deceased’s tax affairs, selling or transferring their property and managing their investment portfolio.

The executor of a Will ensures all property owned by the deceased party is secure as soon as possible following their passing. This individual has a legal responsibility to identify all assets in the estate, obtain valuations, settle any tax due and, if necessary, make an application for the grant of probate. The executor will also be responsible for paying any outstanding debts and liabilities and making distributions to the chosen beneficiaries according to the terms of the deceased’s Will.

You can appoint as many executors as you like in your Will, and you can also choose substitute executors should any of your initial choices be unable or unwilling to act. However, the maximum number of people that can act as executor at any one time is four.

Some of an executor’s powers are standard, given under state legislation, whilst others may be granted in the Will. Traditional executor powers include:

• Investment power
• Power to advance money to minor beneficiaries
• Lending
• Use of estate property

The process of probate can take up to 6 months or more from the date of death till the estimate being distributed amongst beneficiates. An experienced solicitor can assist you and help you avoid any mistakes, which may can result in further delays. 

Once the grant has been issued, probate typically takes a few months to work through but it can take longer. Ultimately the time needed depends on the size or complexity of the estate in question, including whether your assets are just in the UK or overseas too.

Executors will then gain access to your funds and deal with your finances so that they can follow your wishes for sharing out your estate.

The executor of your estate, who you’ll have nominated in your Will, will apply for a grant of probate. Probate is usually needed for any estate worth more than £5,000 and is a legal document enabling your executor to gain access to your funds and deal with your finances so that they can follow your wishes for sharing out your estate. Applying for the grant will need your executor to identify the estate’s total value and have the original Will and a death certificate.

Probate is one of those financial planning terms that lots of us have heard of, but few understand the meaning of, and whether it will apply to us.

Most of us will leave an estate when we die – anything from some cash savings in the bank to a collection of properties, investments and savings. In its simplest form, probate refers to the process which identifies and values these assets, pays any remaining debts and shares what’s left in line with the Will.