What can go wrong with the DIY probate approach?

from Kings Court Trust 

The tasks that need to be considered following the death of a loved one are not something you will face on a regular basis. Therefore, knowing where to start can often be daunting and it can be a difficult process to get the ball rolling. Whilst many people opt to instruct an estate administration specialist to help, others choose the DIY (do it yourself) route in the hope of saving more money to maximise the amount of inheritance due to the beneficiaries of the estate.

What is probate?

Probate, often referred to as the ‘Grant of Probate’ in England & Wales or ‘Confirmation’ in Scotland, is required when the Deceased owns a property in their sole name or if a financial institution (such as a bank) requires a Grant of Probate to release funds. Obtaining the Grant of Probate from the probate registry gives the Executors (in a Will) or the Administrators (if there is no Will) the authority to act in the administration of the estate. It is important to remember that probate is one component of the overall estate administration process, and whilst not every estate will require probate, every estate will need administering to some extent. To find out more about the differences between probate and estate administration, click here.

What is the DIY probate approach and what does it involve?

The DIY probate approach means taking on the full responsibility to administer the Deceased’s estate yourself. The tasks involved might include but are not limited to; locating the Will, valuing the estate (noting assets and liabilities), paying Inheritance Tax (if applicable), paying back any debts that occurred, closing all of the Deceased’s accounts including utility and financial institution accounts, managing property, completing Income Tax work, obtaining a Grant of Probate or Confirmation, distributing funds to the beneficiaries and much more. It’s important to remember that obtaining the Grant of Probate is just one part of the wider estate administration process.

This approach to handling the estate of a loved one should be considered with caution. It is a time-consuming option for Executors and Administrators who have never had to fulfil these responsibilities before. This blog aims to explore the risks associated with the DIY approach in order for you to make an informed decision about the options available to you.

The associated risks of the DIY approach

Personal liability

As the Executor or Administrator dealing with the estate, you are financially and legally responsible for any errors that are made, regardless of whether they are entirely innocent or not. It is important to consider whether this is a burden that you are happy to accept throughout the process. The tasks involved throughout the process require you to deal with a great amount of legal paperwork and accurate information will be required. This can be a challenging task for Executors or Administrators, and they will be held accountable for any mistakes.

Could you do with some FREE, sound advice on:

• Writing a Will – What do I need and how much does it cost?
• Creating Lasting Powers of Attorney – If I was incapacitated who can act on my behalf?
• Property Protection Trusts – Can these really save Care Home Fees?
• Pre-Paid Funeral Plans – With so many to choose from how do I decide which plan is best?

There is so much confusion on these vital areas of estate planning, that sometimes just a chat with an expert in the field can clear up misunderstanding and set out the way ahead, without all the legal jargon.

Steve Worsfold
Affiliate Member of the Society of Will Writers
Advising on Wills/Trusts/Probate/Powers of Attorney

Mobile: 07734 744886
Office: 01903 533681
Email: steve@sussexwillwriters.co.uk
Website: www.sussexwillwriters.co.uk

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