You may think dealing with an estate of a loved one or a friend is easy but as an executor or administrator you need to think carefully before you decide to deal with things yourself.
Hiring the right solicitor will allow you to avoid personal liability, prevent you from spending hours of your time dealing with something you may not understand, and it will ensure that no time is wasted. Here are a few questions that you need to consider before you decide how to proceed:
Can you identify which assets pass outside the well?
Can you identify which assets pass without proof of title?
Are you able to assess the outstanding debts of the estate yourself?
Can you ascertain what the assets are yourself?
Do you have the time and expertise to trawl through previous tax returns and complete required tax returns if necessary?
Can you identify from bank statements if lifetime gifts were made and if they were made are you able to ensure that any associated taxes are paid?
When looking at a will are you able to understand what would happen if any of the legacies fail?
Are you able to dispose of assets in accordance with the will and have you exercised due diligence in the tracing of all potential beneficiaries to avoid your personal liability?
These are only a few of the questions that you need to ask yourself and apply to even the simplest of estates.
Consult the experts. It will cost you nothing to start with and then you can make an informed decision.