Administering a Will
To deal with someone’s affairs when they die and administer their will, you must apply for probate. This gives you the legal right to deal with someone’s property, money, and possessions – referred to as their estate – when they die.
You may be able to take on the probate process yourself in simple cases, however, complex estates may require the guidance of an experienced solicitor. At Lawhive, our network of probate solicitors can help you apply for probate to streamline the process, and relieve the stress of this responsibility.
Contact us today to schedule a free case evaluation and get a free, fixed-fee quote for the services of a specialist lawyer.
What does administering a will mean?
Administering a will means dealing with the affairs of someone who has died per their will if there is one, or by the rules of intestacy if they don't.
Administering a will involves:
Gathering documentation relating to the estate (such as the original will and financial documents)
Calculating and paying debts and liabilities from the estate
Working out and paying inheritance tax
Applying for probate
Interpreting the will
Distributing the estate as per the will or according to the rules of intestacy.
An estate with very few assets may be relatively straightforward to administer.
Appointing a solicitor, however, will ensure you avoid any mistakes that can be costly or cause delays.
Who is responsible for administering a will?
A will is administered by a personal representative.
There are two types of personal representatives:
Executors: Personal representatives appointed by the person who died.
Administrators: Personal representatives appointed to administer an estate in the absence of a will, or if named executors aren't able to fulfill their duties.
Personal representatives can be liable if the estate is not administered correctly. Therefore, administering a will is an important job that requires attention to detail and commitment.
Do I need a solicitor to administer a will?
No, although it is recommended for complex estates.
You may be able to manage a small estate by yourself, however, as a personal representative you will be personally liable.
Because of this legal risk, many individuals named as personal representatives choose to appoint a solicitor to guide them through probate and distributing an estate.
Appointing a solicitor is important if:
The terms of the will aren’t clear
Part of the estate passes to minors
Money or property has been left in a trust
The person who died owned money or property abroad
The person who died owned a business
Someone is likely to dispute the will
When considering whether you want to appoint a solicitor you should weigh up whether you have the time to follow the complex processes required of distributing someone’s estate and whether you are willing to accept personal liability for this role.
How long does it take to administer a will?
How long it takes to administer a will depends on the size and complexity of the estate, how much time the executor has to carry out their duties, and their competency in the role.
In most cases, it will take up to a year, but it could take longer if the estate is particularly complex.
Firstly, you need to notify relevant organisations, including financial institutions, to freeze the person who died’s bank accounts.
Then apply for a Grant of Probate from the Probate Registry. This will confirm whether the will is valid and establishes the authority of the personal representative to administer the will.
You’ll need to get valuations for assets and debts based on the day they died, including property.
It is also important to complete an inheritance tax return and pay any tax owed, if applicable to the estate. You may also need to complete income tax and capital gains tax returns and pay any taxes due.
Any outstanding debts will need to be paid.
You will then be able to distribute any remaining assets according to the will of the person who has died.