The DIY (do it yourself) probate approach means taking on the full legal and financial responsibility to administer a loved one’s estate yourself.
This approach should be considered with caution as it’s a time-consuming option for Executors/Administrators who have never had to fulfil the responsibilities before. Below are a few risks that are worth considering about this approach:
Personal liability – The process requires you to deal with a great amount of legal paperwork and accurate information will be required. Executors and Administrators are financially and legally responsible for any errors that are made, regardless of whether they are entirely innocent or not.
Failing to identify or locate all assets and liabilities - If an additional asset is found once the Grant of Probate has been issued, you will need to have the new asset valued. This will then need to be added to the value of the estate, which was included in the application for the Grant of Probate in the first place, and a corrective amount notified to the Probate Registry.
Incorrect interpretation of a Will – This may result in Executors failing to provide beneficiaries with their rightful entitlement and could lead to a claim being made against the estate. This can be made increasingly difficult if there are amendments to the Will, such as Codicils, or when a beneficiary dies.
The risk of unexpected claims - With the increase in extended or blended families comes the greater risk for unexpected claims from unknown beneficiaries. It is advisable to publicly notify creditors of the death through appropriate newspaper adverts. Although this is not a strict legal requirement, it does provide important protection against unknown debts.
Article by The Kings Court Trust
29 September 2021
The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.
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