The Executor will need to obtain date-of-death valuations for all items in the deceased’s estate. This includes houses and other land, bank accounts, shareholdings, jewellery and other assets, as well as any debts. The Executor can then complete an inventory of the estate.
Once Confirmation/probate has been granted, the Executor can gather the assets. If the house is to be sold/transferred, this can now take place.
Once all the funds have been gathered, the Executor can pay out the estate. Any debts are paid first, such as household bills, department of work and pension claims, outstanding credit card balances and any funeral expenses that have not already been settled.
Then they can payout to the beneficiaries. If there is a Will, this will state how the estate is to be paid out. If there is no Will, the beneficiaries are determined by law (known as the laws of intestacy).
At Jones Whyte, we realise that acting as an executor can be a stressful experience. That’s why our lawyers for winding up an estate are here to support you.
You will likely have many questions when you are an executor. Our dedicated solicitors will be on hand to answer them. The most common questions are:
This depends on the complexity of the estate. On average, it takes around six months to wind up an estate.
This varies depending on the value of the estate. There are no court fees on estates worth less than £50,000. On estates of between £50,000 and £250,000 the fee is £261. Court fees on estates over £250,000 will be £522.
We understand that winding up an estate is a stressful time. Our empathetic lawyers will be available to support you throughout the process.
At Jones Whyte, we offer a wide range of family law services.
Contact Jones Whyte today if you are facing any issues with wills and probate.