Estate administration can often be particularly intricate, time-consuming and bring about additional anxiety for the Executor or Administrator, at an already tough time.
The grant of probate usually forms part of the estate administration and may involve –
- Applying for probate of confirmation
- Postal redirection
- Income Tax work for the year of death
- Completing all Inheritance Tax forms
- Registering unregistered properties
- Property valuation and sale
- Valuing assets
- Cancelling or transferring utilities
- Arranging for the rehoming of pets
- Distributing funds to beneficiaries
Even when the deceased’s Will appoints an Executor or Administrator, they are not obligated to take full responsibility for the administration of the estate. They can appoint a professional expert to do this on their behalf.
What is Probate and Estate Administration?
Probate may be required when someone passes away. It refers to the ‘grant of probate’, officially known as the ‘grant of representation’ in England and Wales and ‘confirmation’ in Scotland. Probate is required by law if the estate is worth more than £5,000 in value, if the deceased owned any property or if a financial institution (e.g. a bank or building society) needs to see the ‘grant of representation’ in order to release the funds. Probate will not be needed if the assets were held jointly as they will automatically pass to the surviving spouse or civil partner.
Estate administration is the process of handling a person’s legal and tax affairs after they’ve died. This means dealing with all of their assets (e.g. property, personal possessions, shares and bank accounts), paying any Inheritance Tax and Income Tax and distributing inheritance to the estate’s beneficiaries. Estate administration can often be extremely complex, time-consuming and an added stress at an already difficult time for the Executor or Administrator.
We specialise in Estate administration and can help you and your family to move forward and for the beneficiaries to receive their inheritance. We offer a full estate administration service for a guaranteed fixed fee from £1,500.00*.
If you have any questions about applying for probate or the estate administration process, get free advice and guidance from our specialist client services team by calling 01932 808592.
- Prices are exclusive of VAT