Probate has a reputation for being complicated, stressful and time-consuming. Having recently been involved in an application myself, I was prepared for a lengthy process with plenty of administration.
Instead, the application was relatively straightforward, and the grant of probate arrived just a couple of weeks after submission.
This wasn’t because probate had become a simple process. It was largely because of the decisions that had been made during the deceased person’s lifetime. Several sensible steps had already been taken to organise their financial affairs, making the administration of the estate considerably easier.
Simplicity Makes a Difference
One of the most important lessons from the experience was the value of keeping financial affairs simple.
Over the years, assets had been consolidated, smaller accounts closed and property assets sold. This meant there were fewer financial institutions to contact, fewer valuations to obtain and less uncertainty about what formed part of the estate.
When someone dies, each additional bank account, investment or property can create another administrative task for their executors. What might seem like a relatively minor account during someone’s lifetime can become another organisation to contact, another set of documents to locate and another balance to establish.
Consolidating assets isn’t necessarily appropriate in every situation, but simplifying financial arrangements can make a meaningful difference when an estate eventually needs to be administered.
The availability of important documents was equally helpful.
I knew where the original wills were held and was able to obtain them from the local solicitors without difficulty. The solicitors dealt with the request efficiently, allowing me to submit the original documents to HM Courts & Tribunals Service as part of the probate application.
Because these arrangements had already been discussed, there was no confusion about where the documents might be or whether more recent versions existed.
Continuing Income
Another lesson was that financial administration doesn’t end immediately when somebody dies.
Certain payments can continue to arrive after death. Depending on the circumstances, these might include occupational pension payments, interest from savings or State Pension payments that subsequently need to be repaid.
Dealing with these transactions requires careful record-keeping.
In my experience, considering an executor’s bank account was particularly useful. A dedicated account provides a central place for receiving payments, making refunds and settling expenses relating to the estate.
It also creates a clearer record of transactions and avoids mixing estate finances with an executor’s personal money.
Although managing this ongoing income wasn’t particularly difficult, it illustrated how estate administration involves much more than obtaining the grant of probate.
Small Steps Can Save a Lot of Work
The experience reinforced an important point that we regularly discuss with clients at Wingate.
Estate planning involves more than deciding who should inherit your wealth. It’s also about making the practical process as manageable as possible for the family members and executors who will eventually be responsible for your affairs.
There are several steps worth considering:
- Maintain an up-to-date financial record. Keep details of bank accounts, investments, pensions, outstanding debts and gifts made during your lifetime. This can help executors understand the estate without having to investigate everything from scratch.
- Review opportunities to consolidate assets. Multiple accounts and investment arrangements can accumulate over time. Where appropriate, simplifying these arrangements may make your finances easier to manage now and your estate easier to administer later.
- Make important documents accessible. Wills, lasting powers of attorney and contact information for professional advisers should be stored securely. The people responsible for your affairs should also know how to locate them.
These are relatively straightforward actions, but together they can significantly reduce the work and uncertainty facing loved ones during an already difficult period.
How Wingate Can Help
My experience of probate provided a personal reminder of the benefits of preparing properly.
At Wingate, we support clients with organising their finances, reviewing their assets and ensuring that important information is available when needed.
We also provide a Probate Assistance Service to help executors navigate a process that may be unfamiliar and challenging.
If you would like to review your estate planning arrangements or find out more about our Probate Assistance Service, please contact me for a discussion.
