Taking on the role of an executor can feel like a daunting responsibility, especially during a time of grief. At Marley Solicitors in Accrington, we aim to ease that burden by breaking down the probate process into manageable steps. This guide is designed to help you understand your role and the tasks involved in settling an estate, all while staying compliant with UK law.
Understanding probate and your role as an executor
Probate is the process of legally managing a person’s estate after they have passed away. If there is a will, it usually names one or more executors responsible for carrying out the deceased’s final wishes. As an executor, you are legally accountable for managing the estate; from settling debts to distributing inheritance.
If there is no will, a close relative must apply for a legal document known as letters of administration. The responsibilities are similar, but the rules about who inherits the estate are governed by intestacy laws.
When probate is necessary
Not every estate requires probate. In general, probate will be needed if:
- The estate includes property in the sole name of the deceased
- There are significant savings or investments
- Financial institutions specifically request a grant of probate
On the other hand, assets held in joint names typically pass automatically to the surviving co-owner. For smaller estates, some banks may release funds without a formal grant, depending on their internal policies.
Step one: Registering the death
You must register the death within five days in England, including weekends. In Accrington, this can be done at the Hyndburn Register Office. You will need a medical certificate and some personal details of the deceased. Once registered, you’ll receive copies of the death certificate, which you’ll need when dealing with banks, pension providers, and other institutions.
Step two: Locating the will
The next step is to find the most recent, valid version of the will. This document outlines the deceased’s wishes regarding their assets and names their chosen executors. If you cannot locate the will, check with the person’s solicitor, bank or the National Will Register.
If there is no will, intestacy rules will apply, and a relative will need to apply for letters of administration instead of probate.
Step three: Establishing the full value of the estate
As executor, you are responsible for compiling a detailed inventory of all the deceased’s assets and debts. This includes:
- Property and land
- Bank and savings accounts
- Personal possessions such as jewellery or vehicles
- Investments, pensions, and shares
- Outstanding bills, credit cards, and loans
Professional valuations may be required, especially for property or valuable items. It’s also important to identify gifts made in the seven years prior to death, as they may impact inheritance tax liability.
Step four: Calculating and reporting inheritance tax
Inheritance tax (IHT) is potentially payable if the estate’s value exceeds £325,000, though this threshold can increase depending on the circumstances. For example, an additional allowance may apply if a home is left to direct descendants.
Even if no tax is due, the estate still needs to be reported to HMRC. If tax is payable, a portion of it may need to be paid before probate is granted. Some banks will release funds directly to HMRC under the Direct Payment Scheme.
Step five: Applying for probate
Once the estate has been valued and the tax position clarified, you can submit your application for probate. This can be done online via the government portal or through a paper application.
Documents you will need include:
- The original will and any codicils
- The death certificate
- Completed inheritance tax forms
- Probate application form (PA1P if there is a will)
There is a government fee to apply for probate, currently £300 if the estate exceeds £5,000.
Step six: Gathering and distributing the estate
After probate is granted, you’ll have legal authority to manage the estate. Your duties at this stage include:
- Collecting funds from bank accounts and investments
- Selling or transferring property
- Paying debts and any remaining tax
- Preparing detailed estate accounts
- Distributing the estate in line with the will (or intestacy laws)
Keeping thorough records is vital, as you could be held personally liable for mistakes.
Step seven: Closing the estate
Once all the estate’s liabilities have been settled and distributions have been made, you can close it. This final step involves:
- Confirming all taxes have been paid
- Issuing final accounts to beneficiaries
- Closing any remaining accounts
At this point, your role as executor is complete, and the estate is formally wrapped up.
Common challenges executors face
Even straightforward estates can become complicated. Executors often encounter challenges such as:
- Disputes between beneficiaries
- Claims against the estate
- Unclear or missing documentation
- Difficulty tracing assets
In these cases, legal guidance can save time, reduce stress and prevent costly errors.
How Marley Solicitors can support you
At Marley Solicitors, we provide probate services tailored to the needs of clients in Accrington and surrounding areas. Whether you want guidance on one step or complete management of the estate, we offer a range of support, including:
- Reviewing and interpreting the will
- Preparing probate applications
- Calculating and reporting inheritance tax
- Dealing with HMRC and the Probate Registry
- Managing property transfers or sales
We approach every probate matter with professionalism and care, ensuring you feel supported throughout.
Speak to our probate team in Accrington
If you are acting as an executor and need help managing probate, Marley Solicitors are here to help. Our experienced team will work with you to ensure everything is handled properly and efficiently.
Contact us today to arrange a consultation and get expert advice that makes a difficult task a little easier.
Let us take the pressure off during this challenging time.
