4 Guidelines to Follow When Dealing With Deceased Estates
After your loved one dies, you need to have a sitting with their lawyer. Usually, the lawyer reads the last will and names the person to administer or execute of the deceased's estate. It's the responsibility of the administrator to manage the estate. That includes paying taxes and any debts the person had. After settling the taxes and debts, then they can share the remaining property out among the dependents. Here are four guidelines to help you manage deceased estates.
1. Following the Will
If the dead person left a will, they must have named an executor. The process of assuming responsibility is usually straightforward. A deceased estate lawyer will guide you on what is required of you as the estate executor. On the other hand, if your loved one did not leave a valid will, then the court will then appoint a reliable property administrator. If you're not sure about any of these roles, consult a competent solicitor about it.
2. Accessing the Assets and Money
To access the money and assets left by the deceased person, then you have to apply for a grant of court representation. You only get approval if the last will indicates that you are the executor and nobody is challenging the decision. The probate department will offer probate if the deceased person appointed you to the executor's role. On the other hand, if they left no will or the will is invalid, they will give an administration letter.
3. Dealing with Jointly Owned Property
In most cases, if the deceased owned property jointly with others as beneficial tenants, the property's ownership automatically goes to the surviving member in the partnership. The person executing the deceased's will doesn't have authority over the property. However, they might have tax obligations from the property.
There are unique cases where the deceased's share of joint property might be executed or administered by the survivors. However, administering such an estate is complex, which means it would be best to seek advice from a solicitor.
4. Challenging the Will
Certain circumstances might make you want to contest a deceased person's last will. For example, speak to a solicitor if someone might have coerced the deceased to change their will. The courts will help establish the right way to administer the estate.
Look for a deceased estate lawyer immediately after you get appointed as the person to execute or administer the will. The legal professionals will guide you in settling taxes and debts as well as sharing the estate fairly.