Sorting out an estate can appear somewhat daunting, particularly if not encountered before. It takes time and can be extremely complex and problems can arise if the estate administration is not handled properly, and in a sensitive and timely way. 

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As an executor or administrator, you are personally responsible for your actions and often control assets of significant value. It is therefore important that you understand your role and the probate and estate administration process. Otherwise you could become personally liable if the estate is not administered correctly.

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I can take the pressure off by ensuring it is administered efficiently and with compassion, understanding and professionalism.

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The work I would typically deal with as part of the estate administration would be:

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Finding out the full details of:

• the assets and liabilities of the estate;

• jointly owned properties;

• relevant lifetime gifts;

• interests in any trust;

• completing the necessary formalities to apply for and obtain the Grant of Representation;

• dealing with any inheritance tax payable (including advice on available reliefs and exemptions to keep tax liabilities to a minimum);

• dealing with any legacies;

• considering income and capital gains tax positions before and after death;

• collecting in the assets of the estate, discharging liabilities and transferring the net estate, with accounts and tax certificates;

• dealing with any land or buildings, whether by sale or transfer.

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Before the Grant of Representation is obtained, most assets of the estate are usually frozen, although banks and building societies will often release funds to allow funeral expenses and inheritance tax to be paid. The Grant allows the Personal Representatives (PRs) to close bank or building society accounts, sell or transfer shares or property and deal with all the other assets. Once they have sufficient funds, the PRs must pay any debts or other expenses, and any legacies given by a Will. Usually, the PRs will also need to finalise the deceased’s lifetime tax. If inheritance tax has to be paid, the PRs may have to negotiate with HMRC on the values of assets such as houses, land and family businesses.

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Even the administration of a simple estate may take several months. During this “period of administration” further income tax and capital gains tax liabilities often arise. The PRs may need to complete tax returns for the period of administration and provide beneficiaries with details for their personal tax returns.

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Finally, the PRs must prepare accounts of all they have done and pay or transfer what is left in the estate to the beneficiaries. 

 

I can also visit you in the comfort of your own home at no extra cost, please get in touch.