When someone dies it is necessary for somebody to deal with their ‘estate’. A person’s estate consists of the money, property and any possessions they had at the time of their death. The procedure of proving a Will and gathering in a deceased person’s assets and paying their debts is called Probate and also includes dividing the estate amongst the respective beneficiaries.
Where there is no Will or no appointment of an executor, the personal representative is usually the deceased’s next of kin and an application for a Grant of Letters of Administration is required instead.
The ‘estate’ is your property and any other assets you have. Our probate specialists handle the winding up of your estate with great sensitivity and understanding, and help your family and friends through what can be a very confusing and upsetting time
We have an established and experienced Probate team who will work with you to ensure that the process is as smooth as possible. All assets (including property) in an estate remain frozen, until a ‘Grant of Representation’ confirms who is authorised to administer the estate. Our team will begin this process very early in conjunction with the appointed executor.
Administration involves:
- Ascertaining the assets and liabilities and preparing the necessary tax forms
- Obtaining a Grant of Probate or Letters of Administration, enabling the Personal Representative to obtain the assets
- Settling the liabilities of the estate, including all tax liabilities
- Distributing the estate in accordance with the terms of the Will. If there is no Will then the estate is distributed according to the statutory rules.
We may be able to minimise the tax liabilities on the estate of the deceased and those of the beneficiaries by careful tax planning. This may involve Deeds of Variation or Family Arrangement.
On occasions there may be disputes between beneficiaries, executors or those who want to make a claim against an estate – we can advise in these circumstances too.
To find out more about Administration of Estates please contact us.
