Estate administration is the process of dealing with a person’s legal, financial and personal tax affairs after they have died.
Obtaining a Grant of Probate (Confirmation in Scotland) is just one element of the process. It also requires dealing with all your assets such as:
- property, shares and personal possessions
- paying debts
- paying any Inheritance Tax and Income Tax
Whatever is left in the estate is then transferred to the beneficiaries. Estate administration can be extremely complex and is required after every death, whether or not there is a Will.
The Estate Administration Process
In order to complete the estate administration process, a number of tasks need to be carried out, including:
- Notifying beneficiaries and dealing with their questions
- Redirecting post and cancelling or transferring utilities
- Dealing with any Income Tax liabilities
- Advising on the distribution of assets to avoid or mitigate tax liabilities
- Calculating and paying Inheritance Tax where relevant
- Dealing with specialist legal work
These are just some of the tasks that are involved and every estate is different. While some people decide to administer the estate themselves, this can take a significant amount of time and effort; and it leaves them personally liable for any mistakes made during the process.
How We Can Help
Whether your estate is simple or complex, the issues faced with the death of a loved one are rarely straightforward. Let Barnet Wills help with our estate administration service.
Most of us are not used to dealing with the complex requirements of estate administration, especially at a time when financial matters are the last thing on our minds.