Key Factors in Executing an Estate

When a friend or relative dies it often falls to one person to deal with administering their estate. All too often this can become very stressful as things take much longer than many people realise.

If you are faced with executing a will or are becoming impatient to find out what you have been left by a loved one, you need to understand that there are many factors which can delay the distribution of an estate.

The Will

It is not a legal requirement for a will to be drawn up by a wills and probate solicitor. If it is their wish, a person can simply draw out a will themselves.

Though for the person writing the will this can seem like the easiest option. In a great number of cases this can cause the executor of the will great difficulty when the person dies.

This difficulty is most commonly caused by ambiguity in the language of the will. Though it may have seemed perfectly clear to the person writing the will, to members of the family left behind, words can take on very different meanings. In this situation things can get very complicated and upsetting.

Tax

One of the responsibilities of the executor is to deal with the deceased person’s tax. They need to ensure that all necessary taxes have been paid, both in the months leading up to the deceased person’s death, and as a result of their estate.

A person’s death is usually preceded by at least a short period of illness and incapacity. This often means that in the months leading up to the deceased person’s death, their financial affairs are justifiably ignored.


For the executor this often means playing catch up before they can begin executing the deceased person’s estate.

Complicated Financial Affairs

Peoples’ financial affairs can take any number of different forms. They can have many different bank accounts, savings accounts and debts. They may also have various different investments which will need to be cashed in when they die.

If the deceased person has many different investments, bank accounts and shares, the administration of their estate can take a lot longer.

These are just 3 ways that the administration of an estate can be made much more complicated. Unfortunately, it must simply take as long as is necessary. If you are waiting to find out the wishes of a loved one who has recently died, be patient. Administering an estate is often much more complicated than it may seem.
 

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