When a loved one dies, administering their estate can generate a lot of paperwork at a difficult time for those involved.
What will need to be done?
The basic administration of an estate involves:
• Sorting through all of the deceased's paperwork and obtaining valuations of all of the assets in the deceased's estate.
• Contacting the Probate Registry to request the appropriate forms for completion.
• Completing the forms sent to you by the Probate Registry including Inheritance Tax forms.
• Arranging payment of any Inheritance Tax that is due
• Receiving the Grant of Probate (if there is a Will) or Grant of Letters of Administration (if there is no Will) and registering the Grant with all of the asset holders
• Paying off any debts held by the deceased.
• Collecting in assets, selling assets and transferring those assets into the names of the beneficiaries.
• Completing Income Tax forms to finalise the income tax affairs of the deceased and preparing Estate Accounts for approval by the beneficiaries
What other difficulties may arise?
There can also be other complications such as:
• A poorly drafted homemade Will.
• A dispute over the Will, such as whether the deceased had the mental capacity to make the Will.
• Missing/deceased beneficiaries.
• A Trust in the Will that has to be set up
• Whether a Deed of Variation for Inheritance Tax planning is appropriate.
Whose responsibility is it to administer an Estate?
If you are an Executor to a Will, or an Administrator of an estate (where there is no Will) you who are legally responsible to ensure that the estate is administered properly.
How can Goodhand & Forsyth help?
• We can explain the terms of the Will to you
• If there is no Will we can tell you who is entitled to the estate
• We can relieve some of the pressure on you by either
- just acting on your behalf in obtaining the Grant so that you can deal with the rest of the administration yourself; or
- dealing with the entire estate administration for you
Our costs for either service are legitimate expenses which can be taken from the assets in the estate
• We act impartially to ensure that all beneficiaries receive what they are entitled to. This can be useful if relationships between those involved are strained.
What are the benefits of using Goodhand & Forsyth?
• Our lawyers have:
- specialist legal qualifications
- many years' experience
- are approachable and sympathetic to your needs
• All our work is insured
• We are able to deal with:
- advising you on who is entitled to benefit from the estate
- valuing the assets and debts
- the calculation of Inheritance Tax
- preparation of Probate forms
- Income Tax and Capital Gains Tax returns
- collecting in the assets
- paying the debts
- the transfer or sale of any land or shares
- preparing detailed accounts for the Executors and Beneficiaries
- distributing the estate
If you wish to make an appointment or require further information please call us on 01737 854914