Probate and Mental Health
Carrying out the administration of a deceased’s estate is a significant task to undertake. It involves dedicating many hours to legal, financial/tax and administrative work, all of which is usually carried out at a time of grief and emotional strain. According to a recent survey conducted by Exizent, 4 out of 10 bereaved people reported a decline in their mental health as a result of the stress they experienced in administering their loved one’s estate. The research also revealed that 36% of those polled found the administration process much more difficult than they originally anticipated.
The main tasks that Personal Representatives are responsible for carrying out include, locating all of the deceased’s assets and valuing the estate, identifying any lifetime gifts made by the deceased, calculating and paying inheritance tax and other applicable taxes, applying for the Grant of Representation, identifying and contacting all of the beneficiaries, settling any outstanding debts owed by the deceased, selling and transferring the deceased’s property, and distributing the remainder of the estate to those entitled to inherit it, among others. Whether this work is carried out by one person or with others, it is time consuming and can be a lot to handle on top of other personal day-to-day obligations. Indeed, 95% of people surveyed found the administration process stressful, with 1 in 5 claiming it was ‘extremely stressful’. It should also be remembered that most of the work that needs doing can only be done during regular business hours, which means having to take time off work. For many, this fact alone can cause stress.
If you find yourself responsible for carrying out the administration of your loved one’s estate, it is important to think carefully about whether you are up to the task and whether you can handle any challenges that might arise. It is equally as important to prioritise your mental and emotional health as well. Why not take the weight off your shoulders by instructing our probate experts. Not only will we lessen the burden, but we will also make the process as pleasant as possible, given the circumstances. Contact us today by calling 01273 565656 or by completing our online enquiry form to discuss how we can help.