Probate / Estate Administration
Probate and estate administration can be complicated and is often misunderstood, which is why it is important for you to obtain the right advice from experienced professionals.
What is estate administration?
This is the entire process of administering a deceased person’s estate. It includes managing everything to do with the deceased's legal and tax affairs, including:
- Bank accounts
- Property
- Debts
- Pensions
- Income tax
- Inheritance Tax
- Trusts
- Insurance
Applying for the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die is called ‘applying for probate’. If the person left a Will, you may need to obtain a grant and if the person did not leave a will, you will get ‘letters of administration’. Probate is one aspect of estate administration. Not all estates require probate, but all estates need to be administered.
If the deceased left a will, the executors named within the will apply for probate.
Executors do not have to act. They can either renounce their executorship permanently, or they can reserve power. Reserving power allows the executor to act in future if needed, alternatively we could act as attorney.
These are formal documents that the court issues to confirm you have the authority to deal with the estate. You will need them to gain access to the deceased assets, which are held by third parties (bank accounts, property, insurance policies).
The law sets out who is legally entitled to administer an estate after death where there is no Will. This would usually be the deceased’s spouse, children or siblings depending upon who is alive and capable of performing this role.
This can vary depending upon the size of the estate, whether there is any inheritance tax due, how many beneficiaries are named, whether there is any property to sell or whether any claims for financial provision are being brought against the estate.
A typical estate takes between 12 to 16 months to administer.
To apply for probate or letters of administration, there is a court fee of £300 plus £1.50 to obtain a copy of the grant. It is often wise to obtain several copies to send to all financial institutions when closing accounts, for example.
Our fees will depend upon the amount of work required, and we will discuss this with you in advance of commencing any work.
When someone close to you dies, the work needed to sort out their affairs can seem overwhelming and complicated, and it often comes at a point when you are grieving and exhausted yourself. There may be time limits by which important actions need to be taken (such as payment of inheritance tax), or pressure coming from beneficiaries wanting their inheritance, all of which can cause significant stress.
We can help you by formulating a simple, step by step plan for dealing with the estate administration process. We will provide clear advice about the terms of the deceased’s will or the intestacy provisions, as appropriate, so that you know exactly who is responsible for dealing with the estate and who will inherit what.
You may then need our help with the whole matter, or just with certain elements, like getting a grant of representation or dealing with the inheritance tax return. We will give you honest advice about what you can do yourself and what you might need assistance with.