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Tasks for Personal Representatives - Coggle Diagram

- - - - if the original is destroyed/lost probate - obtain a copy of the will or a reconstruction of it with affidavits
- - - - Small estate
    - - Exempt estate *
- - - - Sometimes will will contain provision, if not then PRs liable to Beneficiaries and Creditors for any loss from breach
        
        Eg misappropriations assets
    - - Not liable for loss of fellow PRs beach of duty unless negligence
    - - have discretion, reliever PRs form lability for breach of duty - if PRs have acted honestly and reasonably and outght fairly to be excused for breach
- - - - Standard investment criteria - investment decisions can be viewed under
        
        the suitability to the trust of the investment and
        
        the need for diversification of the trust's investments
  - - - consent needed
      - Advance not recoverable
- - - - risk for the PRs as indemnity may prove to be worthless if B who gave it has no Funds
    - - Full protection to PRs
  - - - ad on London gazzett or local newspapers in the local area / appropriate news papers eg trade
      - request any person interest to contact the PRs min 2 months :forbidden:
      - also conduct search for land held for Credi and for bankrupcy against deceased and ben to proctect trustee in bankrupy
  - - - set aside a will reasonable financial provisions not made for them
        
        protection form these claims PRs should wait for 6 months from issue of grant :checkered_flag:
    - - D has acted as a guarantor, can go after estate
        
        protection estimate and set aside amount
        
        seek indemnity from B
        
        arrange insurance and distribute the estate
        
        apply to the court for direction as to what to do
    - - inheritance tax due is still unpaid after 12 months, HMRC do not go after PRs for unpaid by the recipients, if fullest enquires and have obtained certificate of discharge
- - - - paid from estate assets, property undisposed of by the will and residue
  - - - 1, reasonable funeral and ad expenses
      - preferred debts wages and salaries of D employees in 4 months prior death up to £800
      - 3 ordinary debts moeny to HMRC
      - Interest on preferred and ordinary debts
      - defferd debts - loans from D's spouse
- - - - disclaiming the gift under the will
  - - - must be writing, made within 2 years of death and not made for monetary consideration
        
        variations can be made even if B accepted a benefit
    - - tranfer of value for IA tax and disposal of CG tax by the original beneficiary
- - - - carry interest due date 12 months after T death
  - - - hold property till 18,
      - use appropriation, minor parents or the court give any consent until child reaches 18
      - appoint trustee to receive and hold
      - obtain thier discharge by payment of the legacy into court