Our lawyers at Lypkie Henderson help our clients daily in applying for and obtaining Grants of Probate. We also provide ongoing advice and direction to personal representatives in handling estates.
The job of the personal representative is challenging. The main role of a personal representative involves accounting for the estate’s assets, debts, and determining who is to receive the leftover funds. However, there are a large number of additional steps involved before money can be paid to beneficiaries. Some of the matters we commonly advise executor’s on include:
- Recording an inventory of assets
- Having the assets properly valued, listed, and disclosed in the application for Grant of Probate
- Accounting for changes in the value of assets
- Transferring and selling assets as needed
- Collecting debts and paying the bills of the estate
- Preparing and filing income tax returns
- Paying the medical bills and funeral expenses of the deceased
- Distributing the remaining assets as directed under the terms of the will
- Establishing trusts for minor beneficiaries
- Advising executors on how to handle Estate Litigation matters that may arise
Finally, the tax consequences imposed on executors can be severe and require appropriate guidance in order to avoid personal liability. With extensive experience in estate planning and tax law, the lawyers at Lypkie Henderson can help you effectively manage the probate process.
What happens if there is no Will?
In this situation the deceased is said to have died “intestate” – which means to die without a valid will. Instead of applying for a Grant of Probate, the personal representative will apply for a Grant of Administration. The fundamental process, being the distribution of the estate assets to the rightful beneficiaries, remains the same.