Personal Representative
What is a Personal Representative?
A personal representative is someone who is dealing with the estate. This can either be as an Executor when you have been appointed by the Will or as an Administrator when you have been appointed by the Court.
It is important to know that being Personal Representative means that you are personally responsible for: -
Collecting in the deceased’s assets;
Settling all the outstanding debts and liabilities;
Distributing the estate in accordance with the terms of the deceased’s Will or the law.
If you have been appointed by a Will, then you are an Executor. As an Executor, you take authority from the Will which means you can start acting on the deceased’s behalf immediately.
If the deceased did not leave a Will then they are deemed to have died “intestate” in which case the law assumes who should have been appointed and they become an Administrator. An Administrator has no authority to deal with the estate until they have been appointed by the Probate Court.
When it comes to providing Personal Representatives with assistance, Earl and Crocker have adopted a flexible approach and we will only provide you with legal work which you require.
As an example, some Personal Representatives prefer to leave the whole administration in the hands of trusted professionals and in these circumstances we take on the full administration. On the other hand, some Personal Representatives feel comfortable dealing with the administration of the estate but would like assistance with the Grant of Probate application and Inheritance Tax return.
Our services when administrating the whole of the Estate:
Providing expert advice on the administration of the estate throughout
Contacting asset holders
Contacting debtors
Settling the funeral account
Ascertaining the value of the estate for inheritance tax
Preparation of the inheritance tax forms (whether an IHT205 or IHT400)
Obtaining a Grant of Probate
Releasing the bank accounts and holding the funds in client account
Settling the estate debts from funds received
Liaising with the beneficiaries, receiving their bank details and carrying out beneficiary checks
Preparation of the Estate Accounts
Obtaining approval of the estate accounts from the beneficiaries
Distribution of the estate
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“Please thank all your staff for the excellent service received!” 〰️ “It became a complicated purchase but you guided us through it and we felt confident” 〰️