When a person has died with a valid Will in place, it becomes necessary to apply for a Grant of Probate before the executors of the Will can begin the process of distributing the estate to the beneficiaries.
Applying for probate is often seen as complicated, as there are a number of different forms to be completed and fees to be paid. Only once probate is granted can the executors of the Will can then start to clear the debts of the estate, making sure any funeral expenses have been settled if a prepaid funeral wasn't in place.
The executors of a Will are quite often very close family members, and although this is a logical decision to make, the impact of losing a loved one and then having to deal with the stress of applying for probate and administering the estate cannot be underestimated. Executors of a Will are personally liable for any and all mistakes they make as part of the estate administration process. This has, in some cases, resulted in executors being personally liable for mistakes amounting to hundreds of thousands of pounds, as in this example: https://moneyweek.com/489110/beware-executors-are-liable-for-inheritance-tax
Appointing a professional executor to handle probate and the administration of the estate is a wise move. Naturally there are costs involved, but they are comparatively low, and would be in the region of around 2.5%, or £2500, on an estate of £100,000.
The added benefit to appointing professional executors, is that should your Will be challenged by a disgruntled party, professionals are equipped to defend any such challenges quickly and efficiently.
Leave your family to have the benefits of your estate, and leave the hassle to Elliott-George Estate Planning.
If you are an executor looking to arrange for professional probate and estate administration, why not get in touch today for a quote: