When someone dies it can be a stressful and upsetting time for family, friends and loved ones. Administering their estate can be an added and sometimes unwanted burden.
The first thing to do is find out whether the deceased left a Will. If there is one this will tell you exactly who must deal with the administration of their estate. If there isn’t a Will, it is decided by a government order of preference.
The first step will then be to investigate the deceased’s assets and liabilities, find out what they have and where it is.
Once you have all this information you need to tell two sets of people, first is HM Revenue and Customs (whether there is any inheritance tax to pay or not) and second the Probate Registry.
The Probate Registry will then issue the Grant of Representation to the Executors for them to proceed with the administration of the estate like closing bank accounts and selling properties.
All that is then left for the Executors to do is to account to HMRC for an income during the administration period then distribute to the beneficiaries.
The above is a very rough guide to the administration process. Most estates are simple to administer, however, often issues arise that require professional assistance.
If you are the Executor of an estate and need assistance or if a loved one has recently died and you are unsure what you need to do please call us now on 01257 686386.