PROBATE – DO IT YOURSELF OR APPOINT A PROFESSIONAL?

There is an ever-increasing trend, especially in this current economic climate, for a non-professional executor to take on the task of completing the relevant papers to lead to the issue of a Grant of Probate. It is common for a person to appoint a relative or a trusted friend to be the executors of their Will. There is no law to prevent a person making this choice, however, the probate process is extremely time-consuming, placing a great burden on the lay executor, with potentially disastrous consequences if they do not seek professional guidance.

A non-professional executor taking on the task of completing the relevant papers to lead to the issue of a Grant of Probate can choose to do so without referring to the services of a probate practitioner for guidance and assistance, all in the name of saving money, but, in the end, do they really achieve this?

When it comes to dealing with probate and administration of an estate the lay executor must be fully aware of the tasks involved in the probate process to ensure they do not become personally liable for any errors made by them, in the absence of consulting a professional. A common example of errors arise from incorrectly reporting the extent of the estate to HMRC for inheritance tax, potentially resulting in penalties, additional interest and additional inheritance tax being charged as a result of the oversight. Another common error is where a lay executor may claim an exemption from inheritance tax that is, in reality, not claimable due to particular circumstances. HMRC do not accept ignorance as an excuse for errors made.
Commonly, non-professional executors who do not employ professionals to guide them through the process fail to make full investigations into the extent of the deceased’s estate, thereby completing inaccurate paperwork and possibly claiming reliefs that are not actually available. The lay executors are personally liable for any errors made by them, and HMRC does not excuse ignorance of the law as a valid reason for the error or omission.

When it comes to dealing with probate and the administration of an estate, working with legal professionals is a wise investment for the non-professional executor, making the process easier, quicker, less stressful and above all, ensures all estate matters have followed the correct procedures.