Financial institutions and other organisations will usually only release funds when they have a formal Grant of Representation appointing Personal Representatives to deal with the estate. This is a Court order issued to the Executor (if there is a Will) or the Administrator (in the case of an intestacy).
If you have been appointed as a Personal Representative you will have a duty to collect in and protect the assets of the deceased. You must make enquiries about the deceased’s assets, debts and their financial position and will be responsible for ensuring that the terms of the Will or the statutory rules relating to intestacy are properly carried out. You must also make sure the necessary formalities are completed with HM Revenue & Customs and ensure any tax due is paid.
A Personal Representative who fails to discharge their duties properly will be accountable for any financial loss that occurs. They may also face criminal sanctions.
We have a very experienced team who are expert in dealing with the complexities of estate administration, including assets located abroad. We can also assist in minimising Inheritance Tax, even after someone has died, or advise where a dispute has arisen.
Frances Davy
