Probate Estate Administration
Once the grant of probate is obtained you can begin the process of administering the deceased’s estate. The first thing that should be completed is Inheritance Tax. The amount of Inheritance Tax (IHT) payable needs to be accurately calculated, the forms completed and the tax owed needs to be paid. Even if no IHT is due the relevant forms should be completed.
Tell All Organisations
Any organisation the deceased had a relationship with needs to be advised. This includes government bodies, banks, investments, loans and utility providers for example. The executor of the Will needs to go through any paperwork to identity this information. If the deceased was organised this may be a simple job but if not and if the estate is complex there could be many and it could take some time to organise.
It is the executor’s job to ensure all organisations are informed and that any accounts are closed, monies secured and no further charges are taken.
Any debts need to be paid. This might be a mortgage, credit card, loan, hire purchase agreements or any other debt.
If there are any life insurance plans claims need to be made against them.
Once all debts are paid and remaining monies collected the value of the estate can be determined. At this point it is possible to distribute assets to named beneficiaries.
Estate administration can be time consuming especially if you are already busy and if the estate is complex. In addition there are times where it makes financial sense to seek professional help. For example;
- If the estate is over the Inheritance Tax threshold
- There was no Will
- The Will may be contested
- Complex estate arrangements like property in trust
- Bankrupt estate
- Foreign property or assets
Most people have no experience or knowledge of probate and estate administration. It comes at a time of emotional distress and upheaval. Simply Probate can help with 2 main services:
- Obtaining the grant of probate
- Full estate administration
Contact us today for no obligation help and advice.
