In order to be eligible for the offers, you must instruct us using the same email address used during the sign-up for the newsletters.
The email address must remain the same and used to liaise until the matter closure.
You will be eligible for a 10% discount on your total conveyancing costs, once you sign our client care letter.
You will be eligible for a Free Will only when your conveyancing matter file is closed and the bills for the same are cleared.
Though Aristone carry out regular checks to confirm your eligibility, this may not always be practicable or possible and consequently we urge all clients to claim their free Will and 10% discount off Conveyancing fees by emailing the appropriate case handler with a print screen of the news letter subscription.
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Covid-19 business update
Business Updates:*
We’d like to take this opportunity to reassure you and our loyal clients that Aristone are operating as usual following Government guidelines.
We have made changes to ensure that we can continue to provide you with the high quality services you expect from us. Our staff have been briefed and we have put the appropriate measures in place to assist with mitigating any risks. Our contingency plans are robust and have been proved to be effective over the last few weeks, and we continue to deliver our services to you.
How long can an executor take to settle an estate?
Since every estate is different, the time it takes to settle the estate may also differ. Most times, an executor would take 8 to 12 months. But depending on the size and complexity of the estate, it may take up to 2 years or more to settle the estate.
Why does settling an estate take time?
An executor’s role may sound like a simple one but, in reality, there are several steps involved in settling the estate.
Payment of Inheritance Tax
The executor must first evaluate the deceased individual’s estate which may include shares, properties, assets, pension funds, bank accounts, and personal belongings. He must also check if any debts are yet to be cleared. If so, their payment is deducted from the estate value.
After completing the evaluation, the executor can determine how much inheritance tax needs to be paid. He must pay it and submit the inheritance tax form within 6 months of the individual’s death.
Obtaining the grant of probate
Once the inheritance tax is cleared, the executor must apply to the Probate Registry for the Grant of Probate – a legal document that gives the executor authority to administer the estate. It may take 3 to 6 months to obtain it. But for complex estates, it takes longer.
Gathering the assets
After obtaining the grant of probate, the executor must gather in all the assets. It can include selling shares, cashing in life insurance, closing bank accounts and in some cases, selling house or property. Sometimes, the deceased have assets about which the family is not aware of. This causes a delay in gathering the assets.
Settling outstanding debts
When the assets are gathered, the executor must settle all outstanding debts. He will want to give sufficient time so that all creditors can come forward because if they come after the assets are distributed, the executor becomes responsible to clear the debt. So, he will ensure that all the debts are cleared, which can take time.
Distributing to the beneficiaries
After clearing debts, the executor can begin distributing the assets to all the beneficiaries. To do so, they first need to be contacted. This could take time if some of them are hard to find. Once everyone is contacted, the executor can begin distribution.
If you, as a beneficiary, are wondering why the executor is taking so long, make sure you consider the above reasons. But if you still feel the executor is taking too long, speak with him and ask for an explanation. In case you are still not satisfied, you can take legal action to replace the executor.
Can the executor of a will take everything?
The simple answer is no. The executor has the authority to hold the assets for a certain time for safe-keeping before distributing it. But he cannot withhold assets for any selfish benefit.
In a few rare situations, the fee of an executor exceeds the value of the estate in which case he will have to take everything. In other situations, the executor can take everything only if he is the sole beneficiary.
Can the executor of a will be a beneficiary?
In short, the answer is yes.
Only in a few cases, an attorney or accountant is appointed as executor and he may not be a beneficiary. Most commonly, however, a close relative or the spouse is appointed as executor because they are very familiar with the individual. When a relative is appointed, he or she is usually mentioned as a beneficiary in the will.
If you need an expert to review and execute your will, please contact Aristone Solicitors, our team of experts in estate planning and probate matters will ensure a smooth and quality service.
An executor is a person responsible for the administering of the property, possessions, and money of a deceased individual. He is appointed through a will written by the deceased individual prior to his death. The responsibilities of an executor include: Arranging for the funeral Making sure all the wishes of the deceased are respected Administering […]
Steps you should take when someone dies and leaves a will When someone dies leaving a will, the executor of the will becomes responsible for administering the assets of the deceased. The deceased individual, through his will, appoints one or more individuals to serve as executor. If you have been appointed as executor, you need […]
Inheritance Tax is the tax on an estate of a person who has died. The estate includes everything the person owns (property, money & assets) and any property or money they had given as a gift in the seven years prior to death. If the estate’s value is £325,000 or below, no inheritance tax has […]
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Covid-19 business update: We are still open for business
We’d like to take this opportunity to reassure you and our loyal clients that Aristone are operating as usual following Government guidelines.
We have made changes to ensure that we can continue to provide you with the high quality services you expect from us. Our staff have been briefed and we have put the appropriate measures in place to assist with mitigating any risks. Our contingency plans are robust and have been proved to be effective over the last few weeks, and we continue to deliver our services to you.
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Covid-19 business update: We are still open for business
We’d like to take this opportunity to reassure you and our loyal clients that Aristone are operating as usual following Government guidelines.
We have made changes to ensure that we can continue to provide you with the high quality services you expect from us. Our staff have been briefed and we have put the appropriate measures in place to assist with mitigating any risks. Our contingency plans are robust and have been proved to be effective over the last few weeks, and we continue to deliver our services to you.
Learn more about our exclusive services we offer to businesses impacted by Covid-19:
In order to be eligible for the offers, you must instruct us using
the same email address used during the sign- up for the newsletters.
The email address must remain the same and used to liaise until the matter closure.
You will be eligible for a 10% discount on your total conveyancing costs, once you sign our client care letter.
You will be eligible for a Free Will only when your conveyancing matter file is closed and the bills for the same are cleared.
Though Aristone carry out regular checks to confirm your eligibility, this may not always be practicable or possible and consequently we urge all clients to claim their free Will and 10% discount off Conveyancing fees by emailing the appropriate case handler with a print screen of the news letter subscription.
Subscribe to our newsletter for a FREE WILL, and get 10% off Residential conveyancing fees*,