Dealing with a difficult legal and financial procedure is the last thing anybody wants to do while grieving the loss of a loved one. However, this is frequently the case when grieving families go through probate. According to Investopedia, the average cost of probate is between 3% and 7% percent of an estate's worth. Hiring a probate attorney as well as understanding the probate procedure will help you avoid unpleasant surprises. Here's what executors need to know about probate.

How Can Someone Apply for Probate?

Probate is a legal process that gives an executor the authority to manage a deceased person's estate, though it's not always required if the estate is relatively small. If more than one executor is nominated, you must all consent to who will submit the application for probate. To apply by mail, you must submit Form PA1 and the applicable inheritance tax form. Alternatively, you can do everything online. When you get a grant of probate, prepare several copies for asset holders. Note that inheritance tax must be paid before submitting a petition for probate.

Can an Executor Withhold Payment to a Beneficiary?

The executor is responsible for disbursing assets to all beneficiaries and must adhere to the will's directions. There are, however, unique situations in which an executor may withhold a settlement, although this would require the consent of all the other executors. Some examples include:

• If unknown debtors arise, the executor is permitted to delay payment until the debts are resolved.
• If the executor is concerned about the welfare of a child beneficiary owing to parental troubles, they can petition the court to delay settlement but must eventually give the child their inheritance when they attain a majority.

In unusual circumstances where the executor believes that a beneficiary is vulnerable, such as when the beneficiary has a gambling addiction, the payments could be paid into a discretionary trust. If there's no trust, beneficiaries must be paid directly by the executor.

What Happens If Co-Executors Disagree?

You may appoint multiple executors to share the responsibility of administering the estate, but they must unanimously concur with the final decision. Sometimes conflicts occur, for instance, over the optimal timing to sell a residence. Difficulties must be resolved for the probate process to proceed. If communication fails, either party may renounce their responsibility as executor or petition the probate court for the other to be removed. You must obtain legal counsel in this case.

To help ease the burden of handling the probate process, consider hiring a probate attorney. Schmidt & Schmidt SC has the experience you need to ensure the process goes smoothly. Contact us today to see how we can help.