Estate Administration is the process of dealing with a person’s legal and tax affairs after they have died.
This includes everything from bank accounts, belongings and property to debts, pensions and Inheritance Tax. It can sometimes be extremely complex depending upon the estate, and the wishes left in the Will.
Recent investigations show that approximately 60% of the UK population do not have a valid will. If there is no valid will, it is classed as an intestate estate, and the assets will be distributed in line with the rules of intestacy, rather than the family wishes. If this is the case, it is likely to make the estate administration process more complicated.
What is included in the Estate Administration?
Again, in no particular order:
Completing all Inheritance Tax Forms.
Applying for Probate or Confirmation – Probate is often mistaken for the entire estate administration process, whereas it is only a small part of what is involved.
Income Tax work for the year of death.
Valuing Assets.
Property valuation and Sale.
Specialist Building Insurance.
Setting up Trusts in a Will.
Practically dealing with the property, if any is left including insurance and postal redirection.
Registering unregistered Properties (often properties have been brought some time ago, and not registered at HM Land Registry). Upon death these will have to be registered, so that a sale or disposal can take place.
Arranging for a pet to be re-homed.
Cancelling or transferring utilities.
Settling all liabilities.
Distributing funds to beneficiaries.
Producing Estate Accounts.
If you have any concerns about the way an Estate should be administered, please feel free to contact us at the office, and we will be able to answer any questions raised.