Executors who are appointed under a will, usually have to obtain a grant of probate before they have authority to deal with the assets in an estate. The procedure for obtaining a grant of probate will vary depending upon the nature of the assets and their value.
If the estate is taxable, then the executors will need to complete a detailed HMRC account and pay any tax that may be payable on the death. There are stringent penalties imposed upon executors by the Revenue if the executors fail to include in the HMRC account full details of all assets and allowable deductions. This can amount to double the tax plus a fine.
If you die without having made a will then you are said to have died “intestate”. If this happens then the laws of intestacy govern who is to inherit your estate and this can lead to unexpected and undesired results. For example, if you do not leave a will then: