What Happens When a Will Needs to Be Executed?

By on March 29, 2019
Will

As difficult as it is in a time of mourning, you have to consider what is going to happen when a will is opened. While it is not as serious a situation as movies and TV shows can portray, it is an important part of dealing with a death. Read on to find out more about what happens when a will is executed.

When Someone Dies

After someone has passed away, it is important that their loved ones find their Will. If there is a no copy among their papers in their house, it might be held by their bank or their solicitor. The sooner you track down the Will, the sooner you will be able to execute it. A Will may also contain details about how the deceased want their property distributed and who will inherit their property.

The first thing which will need to be identified is who the Will’s Executors are. They are the ones responsible for notifying people of the deceased’s passing and notifying the benefactors of the Will that they are due to inherit something. An Executor is also responsible for collecting the estate and ensuring that all outstanding fees and money is paid to those who are due. Basically, the Executor becomes the person who is responsible for dealing with the deceased’s estate and ensuring that the Will is carried out as described.

Probate

If the Will is particularly difficult to enact for a number of different reasons, you may need to procure the service of probate solicitors. Such scenarios where you need a probate solicitor include if the deceased lived or passed away outside of the UK, the estate proves to be bankrupt, the estate includes foreign property, or if the Will’s validity is contested.

Probate solicitors are experts on this area of law and they will be able to help the family and loved ones of the deceased work out which steps they need to take next.

Inheritance Tax

If the estate of the deceased is more than £325,000, inheritance tax will need to be paid. The rate of inheritance tax is set at 40%, but luckily that is only on income beyond the threshold. So, for example, if an estate came to a total of £350,000, only the £25,000 above the threshold would be eligible for inheritance tax.

This amount must be paid to HMRC within 6 months or interest will begin to accumulate so it is extremely important that the Executors work out whether or not an estate will be subject to inheritance tax as soon as possible. Luckily, very few estates in the UK are subject to inheritance tax.

Final Thoughts

It can be extremely difficult to come to terms with the loss of a loved one and at the same time deal with the legal legwork of a Will, but it is unfortunately a necessary evil. Never be afraid to ask for some advice from a probate solicitor or someone else qualified to deal with Wills as they can be difficult to understand at times. Before long, the estate will be sorted, and you can focus on mourning in private.

 

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What Happens When a Will Needs to Be Executed?