Should I Appoint a Solicitor or Try to Administer the Estate Myself

Will Writing Solicitors Newcastle and Sunderland

Many people will appoint their friend or relative as an Executor of their estate. Unfortunately, they give very little thought to what this will entail on behalf of the Executor. Is it fair to expect the Executor to take on a huge amount of work for the benefit of the beneficiaries?

Why It's Often Best to Appoint a Solicitor to Administer an Estate.

You might not know what to deal with first.

You may think that sorting out a funeral is the most important thing that you will need to attend to. But what about protecting the empty home that the deceased lived in. As an Executor, it is your responsibility to protect the assets of the estate on behalf of the tax man and the beneficiaries. One of the first things that I look for when I visit a deceased’s empty home is house insurance. It is surprising how many people don't insure their homes as they become older. I can understand why as it is a time-consuming process.

At Emmersons Solicitors, our Specialist Probate Lawyers have access to Empty House Insurance. This is a specialist type of insurance which can be placed on cover immediately, as we have accounts with the companies in question we can choose the most appropriate cover, and obtain that cover whilst waiting for money from the estate.

Some time ago I was dealing with two estates. In both cases, the executors decided to save money by not insuring empty properties. In one case a buyer had already been found. However, the night before exchange took place in the conveyancing process the roof was set alight by vandals. The buyer pulled out and the Executor had to sell to someone else for £50,000 less.

In another instance, the Executor declined insurance as the property was in a block of flats. The buildings were insured on a block policy. But the contents were not. There was a flood in the empty flat which caused damage to the flat itself but worse, to the contents in the flat below. The Executor had to pay thousands to the neighbour for the damage caused to her furnishings.

Do You Know the Value of Items Left in the House?

It can often be difficult to work out the value of items. What looks like a broken old watch to you could be worth quite a lot of money. In years gone by as soon as a man completed his apprenticeship, he would buy himself a decent watch or would be presented with one for his 21st birthday. These watches are now quite valuable. You may think that costume jewellery is worthless but right now it sells quite well at auction. Can you tell the difference between valuable jewellery and worthless jewellery? Would you know how to recognise a sovereign, they are collectors items, tiny, and worth hundreds each.

Fortunately, we have an arrangement with auctioneers who will come out to houses for us free of charge. Often we will box up items from numerous properties and have them all looked at once, thus saving costs. Most auctioneers charge a fee to even attend a property. Because we deal with our auctioneers so often they offer this service to us free of charge. They then take all relevant items away, sell them for us and pay the money directly into our account for the benefit of the beneficiaries.

If you have been appointed as an Executor of a Deceased Estate and dont know where to start please dont hesitate to contact us. Our Specialist Probate Lawyers based in Sunderland and Newcastle are happy to provide Initial Free Advice.

Will Writing Solicitors Newcastle:  0191 284 6989

Will Writing Solicitors Sunderland: 0191 567 6667

Email us: enquiries@emmersons-solicitors.co.uk

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