No one handles the death of a loved one with ease. Losing someone close to you is one of the cruellest things that live can deliver, and an event that does nothing less than permanently shape your life going forwards. There are a great many emotional knots in the processing of a death – but their existence doesn’t negate the legal responsibility that is often inherited along with the grief.
Being charged with the management of a loved one’s estate, by dint of being named the executor of a will, can be one of the most emotionally and administratively challenging responsibilities an individual faces. And this is true even if they are not facing it alone. One small comfort can be found in knowing exactly what needs to be done; this makes it easier to follow the steps, make the arrangements, and then finally be given space to grieve. If you are the executor of a loved one’s will and you don’t know where to start, start here.
Locate important documents and understand the estate
First of all, you need to identify key documents relating to the estate of the deceased. The most important initial document is the will, but you will also need to source property records, financial statements, insurance policies, and pension details relating to the items held within the deceased’s wider estate.
An estate is not just the holdings of the deceased, but also their debt holdings; are there any documents pertaining to debts, loans or overdrafts? Having a clear understanding of the assets and liabilities within the estate can help prevent delays later in the process.
Understand probate
Being the executor of a will does not automatically grant you the ability to handle the necessaries of the deceased’s estate. In order to gain access to bank accounts, handle property and make decisions on the distribution of assets, you need to apply for probate. Following this, there is the matter of insuring inheritance tax is paid on the value of the estate, prior to any wishes from the will being carried out.
Communicate clearly with family members
Throughout this process, communication is key – with family members, close friends and wider business partners or relatives. Without this communication, it is easy for misunderstandings to arise and trust to fail. By keeping family members informed about timelines, decisions, and legal requirements, you can manage expectations and hopefully reduce the risk of estate trust and will disputes.
Of course, this isn’t always possible. Given the complex nature of some wills, you should already have engaged legal counsel for assistance in following the instructions of a will. This counsel will come in handy where legal disputes arise relating to the division of assets, even if just for the drafting of a strongly worded letter.