Dealing with the death of a loved one is one of the most challenging experiences someone can go through. The emotional burden can be huge, especially if it is a beloved parent or guardian. And, if someone is also the executor of that loved one’s estate, it brings in a whole other aspect of financial and administrative tasks to attend to.
Anyone in this position would be well-advised to seek the services of an experienced firm of probate solicitors in Portsmouth. Finding a professional to guide one through the legalities of settling an estate, such as Andrew & Andrew solicitors, is a welcome support at such a time.
Probate: The Five Steps
Find out if there is a will
If there isn’t a named executor, then the next of kin can apply to administer the estate. Even if someone is named in a will as an executor, they can turn the role down if they wish.
Work out inheritance tax
If probate solicitors in Portsmouth haven’t yet been called in, now would be the time to get in touch with the professionals. Calculating inheritance tax can be complex and rest on several different factors. Professional guidance is useful at this stage.
The grant of representation or administration
This gives the executor permission to settle the estate. It’s not always necessary to apply for the grants, it depends on the value and nature of the estate in question. Again, professional support is helpful in working this out.
Assets and debts
Any assets belonging to the estate, such as land or property, are cashed in, and outstanding debts are settled.
If there is a will, this stage is simple; follow its instruction. If there isn’t a will, there are specific legal guidelines to follow to divide up the estate.
It’s not legally necessary to engage the services of probate solicitors in Portsmouth when executing a will, however, settling an estate does require a lot of paperwork and administration time.
When dealing with the emotional and psychological implications of a loved one’s death and supporting a social and family network to do the same, professional help could make all the difference.