Problems With Your Probate?

Dr Richard Soulsby, CEO of the Katharine House Hospice, explains the fundamentals of palliative care.

A qualified psycho-therapist tells us about how she helps those suffering bereavement.

What will happen to your estate when you die? William Feeny, Director of the Kings Trust Corporation reveals how to avoid the pitfalls.

This year, a former borough councillor in Northampton stole £81,000 from an estate for which he was the executor. He used it to take his wife on a luxury cruise on the QE2 and pay for £25,000 lost on the horses. And in Lincoln, a Court has been sitting for months, hearing a case where half a million in cash supposed to be paid out to relatives and friends as well as to charities, was pocketed as a result of the ‘greed’ of the professional executors, an accountant and an ex-solicitor.

There are a number of problems with Probate which make it especially susceptible to fraud. Here are a few basic rules which, if followed, will help ensure that you don't get ripped off when it comes to planning for your estate:

  1. Make a Will. Dying without a Will is a bad idea. The wrong people could end up taking your estate; your children could even be consigned to the care of family members they - or you – hate. What's more, if you do not have any family, your entire estate could end up in the hands of the government.

  2. Don't forget to sign it. It sounds like an obvious one, but after giving the instructions to your will writer, do NOT forget to follow it up and have it signed and witnessed. An unsigned Will is not worth the paper it is written on.

  3. Signing and Witnessing your Will.  There are strict rules about signing and witnessing a will. You must sign it first in front of the witnesses; then each witness signs and acknowledges his signature in your presence. You must be present when the witness signs or acknowledges his signature, but there is no necessity for each witness to be present when the other witness signs.

  4. Put your Will somewhere safe. Having written your Will, you will want to make sure that it can be found after your death. Make sure your Executors know where the Will is. Store it with the person who drafted your Will. If your Will is controversial, be doubly certain to entrust it to a third party to keep it safe. Whatever you do, do not put it into a bank deposit box. Most banks will not open a box until after the Will has been sent to and approved by the Probate Court.

  5. Appoint an Executor you can trust and don’t get tied into paying future high fees for administering the estate. Do not rush into appointing a Professional Executor - a solicitor, bank or other professional person or organisation - in your Will. Whilst you will have to name an Executor in your Will, give consideration to appointing a family member or trusted friend instead. If you do appoint a Professional Executor, check their policy on charging for probate and estate administration.

Additionally, here are a few tips to help your family through the process after death:

Find the Will. Make sure your family knows where to find the will and that the right person gets hold of it. Ideally your Executors should be aware of where it is stored.

Protect the Estate Property. When someone has died the Executor(s) have to perform many tasks - most importantly dealing with the bereaved members of the family and arranging the funeral. They do not have to start handling the Probate immediately but your Executors do need to ensure that if there is property, the house is insured and secure, that personal possessions are not “taken away” by family members who think they may have been left the items in the Will and that bank accounts, credit cards and cheque books are not left in unsafe places.

Your Executor(s) should obtain telephone support and shop around before appointing a professional to handle the estate administration. If a Professional Executor is named in the Will you may be able to get support on what to do next. This can be a great help for members of the family who may be in shock and simply need a comforting, well-informed voice to run through the important matters and explain what needs to be done. Check the documentation that is with the Will and make sure that you are not starting to run up professional fees at hourly rates. Shop around and obtain a few quotes for administering the estate and opt for one that offers a fixed price with no catches.