The period following a person’s death can be a traumatic and emotional time. The last thing on your mind is the administration of the deceased’s estate. We understand that being an executor has heavy responsibilities and can be legally difficult. We can relieve you of the burden of administering the deceased’s estate, so as to ensure that the process runs as smoothly as possible.
At Hatten Wyatt our private client department deals with the administration of the deceased’s estate, whether a will was made or not. Where a will had been made, the executors are named, and if they accept their appointment then they are responsible for dealing with the administration of the estate including executing the provisions of the will.
If no will has been left then this responsibility falls with the chosen administrators. Our private client department is able to use its knowledge to assist executors in this task or to be the administrators of the estate ourselves; making sure that the estate is distributed amongst the rightful beneficiaries. We are able to give expert advice putting your best interests first. For instance we can advise on ways in which inheritance tax may be saved (for example a post death variation of the will). Dealing with the probate in any other way risks losing this significant benefit and potentially resulting in the estate paying more inheritance tax.
The executors’ appointment in most cases will require a grant of representation for them to act formally on behalf of the estate, and we can help prepare the grant where we are not the executors. Where we act as the executors, we will register the death as well as organise the funeral having taken into consideration any wishes the deceased may have had, as well as the family.
It is the executors’ responsibility to ensure that the assets of the deceased are gathered in, any liabilities are discharged including any inheritance tax which may be payable, before distributing the estates either in accordance with the will or the rules of intestacy.
The inheritance tax forms can be complex, and whilst HM Revenue and Customs is more than willing to give guidance on the completion of the forms, this can result in the lay person/non-professional executor unfortunately paying more inheritance tax.
We usually administer the estate on behalf of the executors or administrators where there is no valid will. In this case, we shall efficiently deal with the administration of the deceased, which may include money, property, possessions owned by them, by collecting all monies, paying any debts and tax due and then dividing the estate amongst the beneficiaries. This involves dealing with the banks, building societies and other financial institutions connected with the person who has died. Furthermore, if the deceased owned a property and this property has to be sold or transferred, we can provide expert advice and assistance in regards to this.
Once we have full details of the assets and liabilities in the estate, we can then prepare the necessary paperwork for the Grant of Probate or a Grant of Letters of Administration, in cases where the deceased left no will, so we can efficiently administer the estate.
We shall also effectively deal with any tax implications of the deceased’s estate. Inheritance Tax must be accurately declared to the H M Revenue & Customs in a detailed account and the correct tax paid before beneficiaries receive their entitlement from the estate.
At the end of this process, we shall prepare a detailed account, so as to illustrate exactly how the estate has been distributed, so you can see the deceased’s estate has been property administered.
In brief we will;
- act on behalf of relatives removing much of the work they would have needed to have undertaken;
- obtain a Grant of Probate from the court and ensure that the terms of the will are followed;
- if there is no will, obtain a Grant of Letters of Administration for the next of kin and distribute the estate in accordance with the intestacy rules;
- ensure all tax implications are considered and effectively dealt with;
- act as speedily and efficiently as possible to minimise any difficult problems.
If you would like us to administer an estate on your behalf, or would like any further information, please do not hesitate to contact us.
If you require any further information, contact our private client department.
