The Executors of the Will pose a very great legal responsibility when it comes to establishing the extent of the estate of the deceased person. It is necessary to pay the liabilities and expenses of the deceased person. If there is any involvement of the tax related to wills and inheritance and where ever it is applicable, the remaining residual balance is distributed to the chosen beneficiary of the estate. The law demands that the administration of the estate of the person died must be carried out with due diligence.
Steps Involved in Administering the Estate
Several steps are involved like:
- The value of the estate is calculated, and the number of assets and liabilities of the deceased are taken into account. Some of the items hold a professional value like person chattel or share and for that, it is necessary to pay the fees.
- The length of time to deal with various aspects is estimated properly.
- Dealing with any kind of due tax related with wills and inheritance and if there is no payable inheritance tax then also it is important to submit the information about the Inland revenue where details about liabilities and assets of the estate are submitted.
- The Grant of Probate must be obtained and every application for a grant should be supported by the Executor who has sworn the oath. This establishes a right to the Grant and informs about the confirmation of the value of the estate which will be dealt under the name of the authority of Grant.
- No Grant will be issued until all the necessary details are submitted to the Revenue.
- The copies of the Grant are submitted to the bank. Societies and institutions are built which are responsible for holding the money and the property in order to obtain the assets of the deceased person.