The death of a loved one can never be adequately planned and it is always a time of sadness and emotions running high. We understand just how difficult a time this can be when dealing with a death of a loved one let alone having to understand and attend to the legalities of administering the estate.
We will hold your hand through this difficult emotional process.
The duties of an executor or an administrator of a deceased estate can be overwhelming during this time and as the appointed executor or administrator you become personally liable for administering the estate correctly. Ensuring that you have good professional advice on hand will protect you against a personal liability claim.
Our Timescale
There are number of factors that influence the time it takes to finalise an estate. Generally, timescales are determined by the complexity of the estate. If the estate has a foreign element, meaning there are assets in another country, or if there is a dispute over the estate, these factors can impact the timescale.
Generally, a very simple estate with minimal assets can take a minimum of 6 months whilst a moderately complex estate can take a minimum of 18 months. A more complex estate can take up to 2-3 years.
The stages in the administration of an estate
Preliminary Stage
Work to be done prior to applying for the grant of probate
- Obtain the will and ensure its validity or if no will, we will advise you on the steps to be taken in the event of intestacy;
- Notify the executors or administrators and beneficiaries;
- Understand and determine the estate’s assets and liabilities;
- Notify relevant institutions and creditors of the deceased’s death;
- Confirm any gifts made during the deceased’s lifetime;
- Arrange any necessary asset valuations;
- Advise on any strategies to mitigate the inheritance tax liability;
- Complete the inheritance tax returns;
- Arrange for inheritance tax to be paid
- Arrange loans if necessary, to pay inheritance tax; and
- Apply for the grant of probate or letters of representation.
Administration stage
Matters following the grant of probate or letters of administration
- Begin the process of collecting the estate assets;
- Prepare the estate accounts;
- Settle estate debts and liabilities;
- Advise on the most tax efficient methods of making payments to beneficiaries; and
- Determine distributions for each beneficiary in line with the will.
Final stage
Finalisation of the estate
- Make final distributions to beneficiaries;
- Prepare estate tax returns; and
- Complete any tax repayment claims for beneficiaries.
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