The administration of a deceased person’s estate involves implementing the terms of his or her Will or, in cases of intestacy (where there is no Will or the Will does not deal with all of the deceased’s assets), distributing the estate in accordance with the rules set out in the Administration of Estates Act 1925.
The Personal Representatives will be the people appointed as Executors in the deceased’s Will or the people who are eligible to take out the grant of Representation in cases of intestacy. We work efficiently and quickly, ensuring that any Inheritance Tax liability is kept to a minimum.
The administration of an estate is likely to involve:
- Verification of the deceased’s assets and liabilities
- Dealing with property (including business, agricultural and overseas property) investments and cash assets
- Assessing the value of the estate and any Inheritance Tax liability
- Preparation of the documentation required to obtain a Grant of Probate
- Payment of liabilities and legacies
- Distributing the remaining assets to the correct beneficiaries
- Consideration of Income Tax and Capital Gains Tax liabilities
- We can help with all aspects of the process of administering an estate including:
- Help and advice to Personal Representatives who may wish to deal with the majority of the administration themselves
- Considering the impact of Inheritance Tax, Income Tax and Capital Gains Tax and, where possible, mitigating the tax liabilities
- Cross border issues, for example, where the deceased owned property overseas
- Dealing with HMRC in respect of the deceased’s and the Personal Representatives’ tax liabilities during the administration of the estate
- Identification and valuation of the assets and liabilities in the estate including business and agricultural property
- Dealing with issues regarding the validity or interpretation of the Will
- In cases of intestacy, establishing the identity of the beneficiaries
- Preparation of Trustee Act and Statutory Notices
- Application for a Grant of Probate or Letters of Administration
- Planning for the payment of debts, legacies and interim distributions
- Transferring assets to beneficiaries
- Preparation of Estate Accounts
We are also able to offer advice and assistance in cases where there is a dispute regarding the Will or issues have arisen during the course of the administration of the estate which the Executors and beneficiaries are unable to resolve. Whatever your circumstances, we can provide expert advice on all aspects of the administration of an estate. We can s provide specialist advice for clients regarding probate matters throughout Cumbria and Lancashire.
For an initial discussion, please contact us on 01539565885 or 0800 0223 501.