Wills & Probate FAQ
Two key term under estate is the ‘gross estate’ and ‘net estate’ which is significant. The below shows how to calculate the net estate.
Gross estate – This is the total of the entirety of your assets. So, this would need be held under your sole name and gross estate also considers the value of your own share of assets that are ‘tenants in common’. Your net estate would be calculated by the gross estate subtracting any liabilities you inquire (i.e. funeral payments).
Under estate, it includes any of the following:
- Bank accounts
- An investment
- Personal property – Chattels
Where there are assets that are held under a joint name with another individual, this would not be regarded as an estate. This estate would transfer over to the survivor.
The role of an administrator / executor would be to determine and collect any assets, specify / pay any debts that are still present within the estate. Thereafter, the estate would be distributed in accordance of the will / in accordance of the rules of intestacy.
You must be aware of the clear difference between an administrator and an executor.
Administrator – An administrator would be assigned by the Court
Executor – An executor is assigned by the deceased person made in their will
It is possible for a will to be challenged if any of the following are at present:
- An absence of due execution
- An absence of testamentary capacity
- An absence of an agreement
The following points are not the entirety of all the complications that could happen, but they are the key reasons to wills being opposed.
Make the most of our free initial consultation and arrange to meet with a member of the team who can advise you and provide you with a quote.
The debts / liabilities are undertaken in payment amongst the value of the estate. The amount that is retrieved once the debts / liabilities have been paid, which could include funeral payments, testamentary and administrative expenses, will be divided amongst the beneficiaries in accordance of the will.
An administrator could be held irresponsible for their acts if there are any errors made on their behalf. If you are finding yourself in difficulty with regards to the will and estate, please get in touch with our experienced immigration solicitors.