Dealing with the will

The will
The will is likely to show who will be responsible for administering the estate. This person, people or Bank, is known as the executor or personal representative. Without a will, the estate of the person who has died may not be automatically transferred to the people closest to them, as you have to take into account the Rules of intestacy in the uk.

The executor or personal representative
The executor or personal representative follows the instructions in the will and may be held personally liable, in certain situations, if the will is not distributed according to the wishes of the person who has died.

The executor or personal representative needs to first make an inventory of the estate. This includes things like money in bank accounts, plus any savings, investments, insurance policies, property and other possessions. They will also need to:

• value the estate,
• apply for the Grant of Representation/Probate,
• collect the assets,
• settle income tax, inheritance tax,* and any other taxes due www.hmrc.gov.uk,
• settle/transfer property,
• deal with assets abroad,
• distribute assets according to the law,
• prepare the final account for the Capital Taxes Office,
• provide a detailed statement at the end of the estate.