Executors personally liable for administration
by Daniel Jones
should never be taken lightly, as the individual will have personal liability for how an estate is administered.
This is the advice of Helen Hill, general manager at the Society of Will Writers Trust Corporation, who explained that people need peace of mind that things are being properly dealt with.
She explained: "This includes the completion of the application for the grant of probate and providing details to HM Revenue and Customs so that the correct amount of inheritance tax is paid."
Ms Hill stressed that it is highly important not to ignore the probate process, as many people fall into the trap of believing nothing needs to be done once somebody dies.
In some situations this will be the case, but in others, there could be significant tax implications further down the line, the expert added.
Research from More Than recently found that millions of pet owners throughout the UK are leaving money to their animals when making a will
- Find out how to obtain grant of probate and administer an estate with our step by step Executor Guide.
Published on: August 2, 2011
Did you like this article? Share it!