Probate is the legal process whereby a named executor disperses the estate of someone who has died. An executor is legally responsible for administering an estate and distributing assets in accordance with the deceased person’s Will.
The Law allows you to nominate a family member or friend (known as a “Lay” executor) to dispense your will. Sometimes a loved one may die without having left a Will, however their estate must still be dealt with according to the Law. To ensure that your wishes and those of your loved ones are adhered to and in accordance with the rules and laws of intestacy, it is strongly advisable to appoint a professional to handle matters.
This is where A Save & Prosper operate as a legal consultancy providing expert Will writing services and Estate Planning advice. Goodwill’s Legal Services Limited, which carries out the legal work, is a regulated law firm and so clients can be certain that they are receiving professional advice from a fully insured practice can help.
Why you need a professional executor:
- The process of Probate can easily overwhelm an inexperienced “Lay” executor, which can result in Probate not being properly applied for and/or trusts not set up!
- The finalising of an estate can sometimes takes many years, especially when there is complex tax planning or where litigation occurs.
- There are certain legal procedures that must be followed in order to protect both executors and beneficiaries.
An executor faces unlimited personal legal liability if they do not dispense an estate properly. This applies even to inexperienced “Lay” executors.
A professional executor can complete the administration of Probate quickly and efficiently (e.g. deal with income tax returns and/or claims from the Department for Work & Pensions.)
Mr. & Mrs. J. jointly own the family home. When Mr. J. dies, his children deal with the Will as “Lay executors. The Will contains a Property Protection Trust (PPT), which is supposed to “ring fence” their father’s 50% share of the house so they can later inherit it when Mrs. J. dies. However, because of theft inexperience as executors, they fail to properly set up the PPT.
What should have been done.
For more information or to book your FREE will review, call me
Jeff Clarkson at A Save & Prosper today on 01908 590347 07973 283398
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