Probate is the process to establish ownership of an estate before the tax is paid on the assets distributed.
The responsibility for probate lies with the Executors of a Will who may take on this responsibility or appoint a professional firm to carry out the duties.
Probate is still required if there is no Will although the process is known as ‘administration’.
Executor duties are as follows;
Kings Court Trust, our preferred probate provider, can handle all of these responsibilities and can support the executor with the probate whether or not they are named in the will as an executor and even where there is no will.
- Take on the responsibilities of the Executors
- Assume all the liabilities of the Executors
- Value and collect in all the Assets
- Apply to the Court of Probate
- Handle the sale of any properties
- Distribute all the Assets
- Pay the Income and Inheritance Tax
- Produce Estate Accounts
You need to exercise extreme care when taking on the role of Executor. You are not merely acting for the deceased person; you are actually taking over their financial affairs. If not dealt with correctly you could find yourself personally liable for their debts and any losses involved.