Probate Can Be Tricky, So Make Your Executor’s Job Easier

None of us can know what tomorrow will bring. However, those who plan for what happens after they die typically rest much easier at night. Administering a person’s estate after they die (known as probate) can be tricky and costly, especially if things aren’t carefully organised beforehand. So, make your probate run smoothly and your executor’s job easier by taking estate planning seriously.

Effective Estate Planning Makes Your Executor’s Job Easier

1. Make a Will!

It may seem obvious, but if someone dies without a Will or if their Will is not valid, they die ‘intestate’. What relatives or beneficiaries inherit is affected by the intestacy rules and distributed according to a fixed order of priority. When there isn’t a Will, the probate process can be complex. With a Will, it’s clear who manages the estate and who inherits what.

2. Choose Executors Carefully

Executors are responsible for dealing with the administration of the deceased person’s estate. This involves gathering all the assets, including sorting out property, money, personal possessions, and settling debts. This is a serious job and one that carries personal risk. So, executors must be chosen because they’re right for the job, not just because they’re close friends or relatives. Consider the benefits of appointing a professional executor; they’re impartial and expert in handling probate matters. 

3. Make a Detailed List of Assets

Make sure to delve into the details. It’s surprising how much value people place on personal possessions. A detailed asset list (including all your financial records, property deeds, pension, and insurance policies) ensures nothing is missed or crucial for tax calculations.

4. Consider the Benefits of Trusts

Trusts often form part of estate planning. Used to protect assets (valuable, for example, when there are children from a first marriage), provide for (vulnerable) beneficiaries, and sometimes save inheritance tax (IHT). Trusts are also helpful in probate, as the assets are often held outside the estate, so distribution is not subject to the same delays.

5. Keep Your Will Updated

You may already have a Will in place. Still, it’s essential to keep it updated, particularly when significant life events occur, such as marriage, divorce, births, property sale or purchase. Also, executors grow old, as we all do. Sometimes they die and are not replaced. As time passes, views about beneficiaries may change. By reviewing a Will regularly, there’s greater clarity, and disputes during probate are less likely.

6. Take Professional Advice

Estate planning and probate can be complex, time-consuming, and stressful (emotionally and financially). However, specialist lawyers have many years of experience navigating the intricacies of the legal system, including devising strategies to minimise the impact of IHT on an estate. Furthermore, regulated professionals ensure a Will is valid and properly executed to avoid complications during probate.

Our Advice

Making a Will is much more about taking care of those close to you than thinking about dying. By planning your estate effectively now, you can rest easy knowing that things will run smoothly (and as you’d like) after you’re gone. Please contact us for further advice or information about any Wills, trusts or probate matters. We’re here to help.

Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.

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