What are the first things a person who has been given grant of representation over the estate of deceased person should do, to make sure that they distribute the estate correctly?
The Answer from Solicitors Online
An beneficiary of a will can sue an Executor, as Executors can be personally liable for unpaid amounts or assets not given to beneficiary of a will or a creditor of the estate over which the Executor has been given control over.
A person who is acting as the Administrator or Executor of an estate should make sure that they have the necessary information to put them in the best position to distribute the assets of a deceased person’s estate correctly to the relevant beneficiaries and creditors.
The recommended information is as follows:
(a) The full personal details relating to the deceased, the immediate family, and any dependants;
(b) Full personal details of the beneficiaries entitled to a share in the estate;
(c) Details of the various assets
(i) Assets passing by the will or intestacy rules
(ii) Assets not passing on to a beneficiary but taxable, for example any property of which the deceased was a beneficial joint tenant, or a tenant for life, meaning that they could enjoy the benefit of it while only alive.
(iii) Assets not forming part of the estate for either succession or taxation purposes
(d) Details of the various liabilities due from the estate or charged upon any of the assets listed above
(e) Details of any lifetime gifts within seven years prior to the death (or at any time if a benefit was reserved)
If you need legal advice about the role of an Executor or an Administrator of an estate, you can speak to one our Solicitors online right now.