Losing someone you love is never easy. It is even harder if you then have to manage all aspects of estate administration. The support of a professional can help to reduce the burden.

Many people seek professional help when grieving. Not least because the pressure of administering the financial affairs of a deceased loved one can be overwhelming.

Even the most organised of us might not cope well. Furthermore when someone dies it’s not uncommon for family disputes to arise. This can happen regardless of the size and complexity of an estate (the money and possessions left by the deceased). Having a neutral party you can turn to for impartial, professional advice can help to relieve any tension and stop it from escalating.

What is involved when administering an estate?
Probate is the legal process for dealing with the distribution of a person’s estate after they have died. There are many duties and obligations under Probate, including:
• Getting a Grant of Probate (where there is a Will)
• Interpreting the Will correctly
• Making sure you are working from the right Will
• Ensuring the Will is carried out correctly
• Identifying all of the assets of the estate
• Correctly valuing the assets
• Identifying and settling the liabilities of the estate
• Establishing how much the estate is worth
• Ensuring that the estate is appropriately managed
• Opening an executor’s bank account to hold estate funds during the administration period
• Looking after unoccupied properties (e.g. making sure they are insured)
• Preparing tax Returns for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax
• Placing Statutory Notices to Claimants to advertise for creditors to come forward.

Do you need professional help?
You can administer an estate without one, but expert advice can be hugely valuable. Dealing with an estate can be a complex and emotionally challenging process, but you need to stay focused. Not least because, without legal expertise, errors and delays are common.

Crucially, if you make a mistake or fail to administer the estate efficiently or in a timely manner, you could be held personally liable. Professional advice will ensure you are supported and protected.

To help you administer an estate, speak to one of our expert team by calling Stephen Wright on 01903 231545 or emailing steve.wright@thefrygroup.co.uk. We can take over the responsibility for you and make sure everything is carried out in line with the law and the wishes of the deceased.

This entry was posted on Tuesday, 11th December 2018 at 2:58 pm and is filed under Estate Planning. You can follow any responses to this entry through the RSS 2.0 feed.