Estate Administration is the process of dealing with the legal and tax affairs of the deceased. This includes dealing with their assets (such as property, shares and possessions), paying any debts and distributing the proceeds to the beneficiaries.
Obtaining the Grant of Probate and administering an estate typically takes 8 - 12 months to complete, dependent upon the size and legal complexity of the estate.
Your dedicated Case Manager will keep you updated and informed on the progress of your case, including developments with institutions such as HM Revenue & Customs, HM Court Service, the Department of Work and Pensions and all the relevant financial institutions during the estate administration.
The key steps to carry out the administration of a typical estate are:
Your dedicated Case Manager will carry out a detailed review of the estate to obtain the information required to apply for the Grant of Probate. This will include checking the validity of the Will (or applying the Rules of Intestacy if the estate is intestate), identifying entitled personal representatives and beneficiaries, and confirming the value of the assets, debts and liabilities of the estate in preparation for the Grant of Probate application.
We will contact all relevant financial institutions, prepare a schedule of assets and liabilities of the estate based on valuations received, complete the relevant Inheritance Tax forms and submit them to HMRC (whether there is Inheritance Tax to pay or not). We will also complete all other relevant documentation and apply for the Grant of Probate.
Once the Grant of Probate has been obtained statutory notices are placed in the London Gazette and the local paper where the deceased lived. These notices have a 2 month notice period within which creditors of the estate can claim for any debts owed to them by the deceased. This significantly reduces the risk of future claims by creditors against the estate.
The Grant of Probate will be sent to banks, mortgage companies and anywhere else the deceased had an account, policy or other asset. All accounts will be closed and funds collected.
If there is a property in the estate, it can now be sold or the paperwork prepared to transfer the property into the names of the beneficiaries. Your Case Manager will handle this process, including liaising with estate agents and your chosen conveyancing solicitor.
Provided there are sufficient funds available in the estate, the debts will be paid and, if there are no claims against the estate, it may be possible to distribute a proportion of the estate to the beneficiaries.
Assuming that there are no delays in finalising the Estate Administration, such as a property that needs to be sold, we have received clearance from HMRC in relation to inheritance tax, income tax and, if necessary, capital gains tax and there are no DWP investigations or any contentious claims etc, it is now possible produce the estate accounts for the Personal Representatives to approve and then to make final distributions to the beneficiaries.
For a no obligation quote for our full Estate Administration Service please contact us.
Your dedicated Case Manager will handle the administration so you don’t have to – saving you time and effort, whilst providing you with a peace of mind that comes from knowing that it’s all been done correctly.