The process of dealing with someone’s estate can be daunting and involve a lot of complicated legal, tax and financial work.
The first step to be undertaken is to identify the deceased’s assets and liabilities and value the same as at the date of death.
Once this has been done, the correct inheritance tax form needs to be completed and any inheritance tax paid, if applicable, to HM Revenue & Customs.
An application is then made to the Probate Registry for the Grant of Representation. This is called a Grant of Probate if there is a valid Will appointing executors or a Grant of Letters of Administration if the deceased died without making a Will.
The Grant gives authority to deal with the collection of the deceased’s assets from which the liabilities must then be paid.
The deceased’s income tax affairs also need to be finalised with HM Revenue & Customs.
Once all of this has been done, estate accounts are then prepared, showing all of the assets and liabilities, together with the amounts due to the beneficiaries. One these have been approved, the monies due can be distributed to the beneficiaries.
Many people find it helpful to instruct a solicitor to deal with the administration of an estate on their behalf. They have peace of mind knowing that the estate is being administered correctly and saves stress at what is often an upsetting time.
If we at Burd Ward Solicitors can assist in dealing with the administration of an estate, please do not hesitate to contact us.