Firstly, it is important to make sure that you understand the terms of your father’s will and exactly how the estate should be distributed, for instance does it include the creation of a trust? If any or all of the beneficiaries named in the will are under 18 then a trust will certainly arise because a child is not able to inherit until the age of 18.
Also, if a will has been drafted professionally, often it will contain complex administrative clauses which are incomprehensible to a lay person but need to be
adhered to.
Depending on the size of the estate there are certain timescales which need to be adhered to, particularly in relation to tax in order to avoid unnecessary interest or financial penalties being charged by the Revenue for non-compliance with the rules.
You should also consider protecting yourself against any personal liability which you may incur if any creditors of your father come forward after you have distributed the estate to the beneficiaries. You could find that you have to pay the debt personally even if you have not received a penny from the estate!
If it looks like any other relatives or dependents of your father are going to make a court claim against his estate for financial provision you should also seek advice on how to protect your position. If you do not do this and the claim is successful, you could be ordered to pay the sum awarded to the claiming relative or dependent personally. This can happen if you distribute his estate quickly.
If in doubt, make sure you seek the advice of a solicitor.
For more information please contact probate solicitor, Emma Small on 01949 830 815 or email esmall@fraserbrown.com
Fraser Brown is a dynamic law practice working at premises in Nottinghamshire through its branches in Nottingham, Radcliffe on Trent and Bingham.
Its philosophy is to deliver superior legal advice through a personal and highly professional service for both commercial and private clients. Since 1990, Fraser Brown has acquired eight established and respected local firms as part of its major growth strategy for doing business in the 21st Century.
Fraser Brown is one of the region's longest established firms of solicitors. Over the last 12 months, it has experienced significant growth in areas such as property, contract work, construction and general litigation.