Executry

The death of a loved one is a traumatic experience and on top of the funeral arrangements and grieving process, there is the often complex and costly procedure of Executry.

When that time comes, it is important to locate the Will and contact the Executors. The Executor then has 8 days from the date of death to register the death (if not already done so) with The Registrar of Births, Deaths and Marriages.

You will then have to begin planning the funeral. We work in conjunction with several high street Funeral Directors and can arrange an initial consultation to discuss the requirements for the funeral.

In winding up the estate, an Executor must make a full inventory of the estate of the client, including monies, furniture, savings and property. After this, Inheritance Tax is applied if applicable and deducted from the estate. At this point, the Executor must gain Confirmation to the estate. This is a legal document which releases the Executor to receive and make payments on the estate. This allows the Executor to begin ingathering the funds which will then be distributed in accordance with the Will.

This is a long and complex procedure and can also prove very costly. Normally, an estate cannot be paid out within the first 6 months. Depending on the size of the estate the process can cost up to and around £10,000. Our Executry service will assist the Executors through the process and deal with processing Confirmation and ingathering of funds. The added benefit is that if we have provided the Will for the deceased client we will have a very real idea of the estate to be ingathered. Furthermore, had the client taken out a Family Protection Trust and placed all their assets into the Trust the Executry costs would be eradicated along with the complexities and overwhelming asset distribution timescale.