06 May DIY Probate?
Probate is a very complex area of law. Whilst carrying out the Probate yourself has its obvious financial advantages, you need to be aware of the risks involved in doing this.
- Personal liability is a large risk that you must be aware of. As an executor is you mismanage the administration of the estate and for example fail to discharge any liabilities or perhaps you sell a house for lower than it should have been sold for you could incur personal liability to creditors, HMRC and even the beneficiaries. It is for this reason the estate must be administered properly to avoid any such liability arising.
- Knowing the scope of your role is incredibly important. An executor has various duties and responsibilities that need to be fulfilled so you need to make sure you are fully appraised of all of the requirements. Various resources detail what these duties are, however beware some websites may be unreliable or incomplete. Some duties may include:
- carrying out bankruptcy searches
- discharging all liabiltiies
- tax reporting
- production of a family tree
- producing an account of the estate.
The prospect of being personally liable to HMRC, creditors or even the beneficiaries is something which should not be taken lightly. We offer very competitive fixed prices for Probate. Our Probate grant only service starts from just £695, click HERE to read more. We are also able to handle the entire administration of the estate as well. Visit our estate administration page to read more.