Posts tagged “Executors”

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Increases to probate fees

Posted on 26th July 2021

The Ministry of Justice (MoJ) has launched a consultation on its proposals to increase probate fees.

The new single fee of £273 will apply to professional and non-professional applicants, regardless of the size of the estate. The MoJ says the new fee reflects the cost of providing the service and is not intended to make a profit.

Currently the fees to apply for a grant of probate for an estate valued over £5,000 are £155 for professionals and £215 for individuals. Estates worth less than £5,000 don’t pay a fee.

picture of a gavel representing HM Courts & Tribunals Service

Finding family finances

Posted on 30th June 2021

It seems that we are reluctant to talk about our finances, even with our family and closest friends.

A recent YouGov survey showed that people rarely discuss financial matters, even important information that their executors need to know if they die.

Don’t forget your digital assets when you make your Will

Posted on 25th May 2021

The Law Society has urged people to include ‘digital assets’ such as emails, photos, social media accounts, websites and domain names, or cryptocurrencies in their Wills.

The Law Society commissioned a survey which found that more than nine out of ten people who have a Will have not included their digital assets.

Their research showed that three quarters of the 1,000 people questioned didn’t know what happened to their online presence after they die.

What happens to bank accounts when someone dies?

Posted on 11th May 2021

When someone dies, a personal representative (PR) is appointed to manage their estate (money, property, and possessions). If the PR is named in their Will, they are known as the executor. Part of a PR’s role is to close any bank accounts, but sometimes this isn’t straightforward and there can be several challenges.

Executors must keep good records

Posted on 23rd March 2021

If someone asks you to be an executor for their Will you will be responsible for making sure their estate is properly wound up and that their wishes are carried out.

There are legal responsibilities associated with being an executor, including:

registering the death

arranging the funeral

valuing the estate

paying any inheritance tax

applying for probate

resolving finances

distributing the estate

keeping estate accounts.

All the costs of administering the estate and receipts should be recorded.