If you have been appointed as an Executor under a Will, or an Administrator if the person passed away without a Will (an Administrator is also known as a Personal Representative), the expenses involved can be something to cause you concern. In this blog, I explain what expenses can be claimed back from the estate.
The first thing the Executor will be responsible for organising will be the funeral, and often this will be at a great cost. However, even if the deceased’s bank account has been frozen, it is possible for the funeral invoice to be paid directly from their bank account. You can do this by providing the bank with a death certificate and a copy of the funeral account and asking them to pay it directly.
An Executor can claim back from the estate reasonable out of pocket expenses, for example: –
The cost of Death Certificates
Probate Registry Fees
House Insurance Costs
Costs associated with selling a probate property such as clearance costs
There is no conclusive list of expenses as each estate will be unique in its requirements to the next. Therefore, it is important that as an Executor you keep a precise record of all expenses recouped from the estate so that you can produce a record to the Beneficiaries at the end of the administration period.
If the estate is due to pay Inheritance Tax to HM Revenue and Customs, this needs to be paid at the end of the sixth month from the month the person passed away, before interest is added. This can also be a big worry for an Executor. However, as like the funeral account, the Inheritance Tax can be paid directly from the deceased’s own bank account if there is money in there available.
If you have recently been appointed as an Executor in an estate and need some initial guidance, please contact our Private Client Team at the Colchester office on 01206 577676 to ask about our free initial advice for Executors (T&C’s apply). Any email enquiries can be sent to [email protected].
After spending just, a week at GoodyBurrett I feel secure in my life career option as I have been guided through the process of law and the details to the practical work life within a law firm by a group of friendly and welcoming solicitors. Firstly, welcomed and introduced to the staff of the firm by Claire, who gave me a warm and welcoming tour.
During my work experience at GoodyBurrett, I was trusted to undertake many tasks which contributed directly to each department, this ensured my short time at the firm was important, efficient, and enjoyable. Just a few to name:
On my first day I was able to observe receptionist; Heather, while she multitasked her way throughout the day. By taking calls, making payments, handling money, checking emails, transferring clients, and greeting clients at the door Heathers job contained a lot, it was truly impressive and fascinating to watch how the inner workings of the firm run on the receptionist’s work. I was grateful to be given the opportunity to cover over reception during lunch time where I was able to welcome and handle clients at the front desk and receive calls and messages from clients which would then be passed on later. The most difficult part of this job was working out how to use the phone (which was an often-discussed matter-new phones!), but overall, the experience was informative and helped me to develop on my communication skills.
Organising through old conveyancing files/documents:
During my time I was able to go through old files (some even 100 years old!) and organise them to be able to obtain key information needed, Elise guided me through this process and was able to provide me with great knowledge on property and conveyancing, I was also able to read through the documents which gave me understanding on the documents. Within the firm Conveyancing is very busy and it was insightful to see the detail into the work of conveyancing solicitors and investigate the past-what it used to be like compared to now.
Small tasks to help the departments:
Over my week I was given many small tasks to keep me busy which were useful to the firm, these include scanning files and uploading them online to organising files and filling out forms online. The combination of online and hardcopy tasks gave me a broad task field which I was able to develop a great knowledge base on filing and furthered my technology skills. I was also introduced into Wills, Trusts, and Probate through seeing how a will is made physically which was interesting as there is a very specific procedure.
Creating information leaflets and surveys for meeting rooms:
During the week I was able to create leaflets which provided information on wills and a survey in which clients would need to fill out, it was informative to see the different things need to complete a will and the amount of time and dedication put into ensuring clients understand and are able to fill out the survey clearly and carefully. I really enjoyed this task as I could read through the information myself and develop my understanding on Wills which Louise helped me to understand more closely by giving me important information and support throughout.
Chronologically organising files for cases:
Another enjoyable task was sorting through emails from clients into date and time order to incorporate into the client’s case file, this allowed me to read through the case and gave me insight into the time taken by solicitors to contact and follow up on emails.
To conclude on my time at GoodyBurrett, I am grateful and appreciative on the opportunity I have been given to spend a week of work experience here and would thoroughly recommend it, from the friendly staff to the informative tasks I enjoyed my week and looked forward to everyday coming into the office. I would like the thank all the staff at GoodyBurrett for providing help and mentoring when needed, allowing me to experience practical experience of law, introducing me to the work life of a lawyer and admin and finally being respecting, friendly, knowledgeable, and helpful every second of my week.