Estate Administration and Probate

The administration of an estate, sometimes referred to as probate administration, is the process of managing and distributing a person’s assets and affairs after their death. Personal Representatives (PRs) named as executors in a Will or in the absence of a Will, appointed in accordance with the rules relating to Intestacy, take control of the deceased’s assets to discharge liabilities (including inheritance tax) and distribute these assets to the beneficiaries.

Estate Administration involves various legal, financial and administrative tasks that aim to settle the deceased individual’s estate and fulfil their wishes as outlined in their Will or determined by applicable laws.

What is involved with Estate Administration?

Estate Administration involves tasks such as identifying and valuing assets, clearing the home, re-housing pets, insuring assets, preparing and submitting applications to both HM Revenue and Customs and The Probate Registry, settling debts and taxes, lodging statutory advertisements, calling in and distributing assets to beneficiaries, resolving legal and administrative matters, preparing estate accounts, and ultimately closing the estate.

Effective Estate Administration ensures that there can be no reprisal for the Personal Representatives, who can in certain instances become personally liable for actions causing loss to an estate. It ensures all assets are effectively transferred with no taxes or liabilities left outstanding.

Why choose Price Slater Gawne?

Estate Administration can be a complex and time-consuming process, requiring knowledge of legal and financial matters. Working with experienced professionals will ensure the Estate Administration is carried out efficiently and in compliance with applicable laws, but also with the peace of mind that the Personal Representatives are sufficiently cleared of any personal liability.

To find out more, please contact the Wealth Protection team on 03333 058375, or email WealthProtection@psg-law.co.uk.