Executry FAQs
What if there isn’t a Will?
If there is no Will then it may be necessary to have someone formally appointed by the Court as Executor to the estate before any work can be done. It may also be necessary to get what is called Bond of Caution (pronounced “kayshun”) before you are able to apply for Confirmation. This is a form of insurance which guarantees that the estate will be administered in the correct way for the benefit of any creditors or beneficiaries.
How long will it take to wind up the Estate?
This usually depends on the size and complexity of the estate, the number of people due to inherit and any unexpected issues which may arise. Unfortunately, it is impossible to give a “one size fits all” answer to this question. In straightforward cases, an estate can be wound up within six to nine months. At Caritas Legal we will keep you informed at every stage and work hard to wind up your loved one’s estate as quickly as possible. We treat every estate as urgent, regardless of the size and complexity.
What is Confirmation?
Confirmation is the legal document granted by the Court which allows the Executor to deal with the Deceased person’s estate. There are a number of forms which must be completed to outline what is in the Deceased’s estate. This application cannot be completed until all assets & liabilities have been valued as at the date of death. The forms will be different depending on the size of the estate. There is a lot of complex legal and administrative work required to obtain Confirmation and the person responsible for carrying out this work can be held personally liable by the Court and HMRC for any mistakes made. Here at Caritas Legal we are best placed to help you obtain Confirmation and deal with Court procedures efficiently.
When can I sell the house?
Before the Executor can deal with the sale or transfer of any assets they will need to obtain Grant of Confirmation from the Court. Confirmation grants the named person with the necessary legal authority to administer the deceased person’s estate. This includes selling or transferring their assets, settling outstanding debts and distributing the estate in line with the terms of the Will or Laws of Inheritance if no Will. Unfortunately it is impossible to answer this question as every estate is different but in straightforward cases Grant of Confirmation can generally be obtained within six months.
What will it cost?
The costs of winding up and Estate and costs of Confirmation will depend on the amount of assets and complexity of the estate. At Caritas Legal our fees are not based on a percentage of the value of the estate but on the time and work actually carried out in winding up the estate. As a rough guide the costs in winding up a straightforward estate is on average around £2,000 plus VAT and outlays. However, as every estate is different this is purely a guide.
Please call Lorna on 01383 431 101 or email info@caritaslegal.co.uk
