What is Probate and Estate Administration?

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A Grant of Probate is obtained by the Executors named under a Will from the Probate court and ultimately confirms their role and that they have the authority to administer the estate of the deceased person. 

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Probate can still be required where there is no Will, although the process is known as Administration.

Dealing with the estate of someone after they have died can often be a stressful, challenging and time consuming task! This is of course much dependent on the complexities, value and make up of the actual estate. It can involve setting up and registering any Trusts, completing tax forms and dealing with a whole host of financial institutions and companies.

 

The responsibility for Probate lies with the Executors of a Will, who often appoint a professional firm to take on the responsibility

 

The Role and Duties of an Executor / Estate Administration

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Estate administration is the process of drawing in all of the assets within an estate, paying off any liabilities and then distributing the estate in accordance with the terms within the Will. 

Executors have a number of responsibilities, including:

• Interpreting the Will and ensuring that the wishes of the deceased as expressed in the Will are carried out

• Identifying all the assets and liabilities of the estate

• Obtaining valuations of the joint and sole assets as at the time of death

• Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including businesses are properly managed

• Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax

• Settling all the debts of the estate including all taxes

• Completing and filing the relevant court forms

• Applying for Probate

• Preparing accounts for the beneficiaries and after payment of all claims, distributing the actual estate

 

Heritage Will Writers are not named or appointed under any Will to act as Executors. Being impartial and independent, we are able to help, advise and guide you in the direction of how best to deal with the estate of someone who has passed.

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We use the services of the Society of Will Writers Trust Corporation (Probate & Trustee Services Ltd) who are a national company specialising in Probate and trust work + we also have access to more local professional help.