Executorships and probate
Executorships, applications for probate and the administration of estates
An executor is the person responsible for dealing with the administration of your estate after your death. In situations where there is no executor, often because there is no will, family members may apply for a grant of administration.
It is common that those named as executors will choose to seek professional advice to assist them at with the more complex and technical stages of what may be a drawn out and emotionally draining process.
At UHY Hacker Young, our professional advisors have the combination of experience and sensitivity that can ensure that your estate will be handled professionally and will attempt to reduce the burden upon your selected executor.
How we can help
We can offer help in a variety of different ways and at a variety of different stages. In particular, we can:
- As individuals, act as executor (with a family member or other professional)
- Prepare the HM Revenue & Customs Account for Inheritance Tax and, working with a solicitor, submit an application for probate or letters of administration on behalf of the intending executors/administrators
- Deal with the finalisation of the tax affairs of the deceased, including disclosure of previously undisclosed liabilities and the mitigation of interest and penalties
- Work with the family's solicitor (or one that we recommend) to deal with any problems relating to the application for probate & the administration of the estate
- Advise the beneficiaries as to the tax-efficient administration of the estate and their own tax planning, including variations of the deceased's Will
- Complete tax returns to the date of death and for the period of administration and provide details and advice relevant to the completion of the beneficiaries' own returns.
- Manage the executors' bank account and deal with all administrative matters, including the transfer of assets to beneficiaries
- Prepare detailed and clear accounts in respect of the period of administration
If you are unsure of who to name as an executor of your will, please do remember that your UHY Hacker Young advisor can offer professionalism, independence and a thorough understanding of your affairs.
If you are named as executor by a friend or family member do bear in mind that we can work with your legal advisers to make the administration process both quicker and more cost-effective.
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