Probate and Estate Administration
When someone close to you dies somebody has to deal with their “estate”. A person’s estate is made up of the assets, property and possessions they had at the time of their death. The process of Probate involves collecting in assets of the estate, settling any debts due (including outstanding taxes), paying any legacies and distributing the estate amongst the respective beneficiaries.All assets (including property) in an estate will generally remain frozen, until Probate is granted to the Executor.
If you do not have a Will then the law prescribes who will act on behalf of the estate, usually a family member.
If there is a Will the estate will pass to the people named in the Will. If there is no Will the Rules of Intestacy will apply, these set out the way in which the estate is to be divided and are not necessarily in accordance with your wishes.
Whether you are an Executor or the next of kin, our experienced, caring team of solicitors can provide practical guidance to help you deal with the administration of someone’s estate. We can help you determine the size of an estate for Probate and Inheritance Tax purposes. We can prepare an application for the Grant of Representation on your behalf and will deal with payment of any Inheritance Tax due, lodging the required forms with HMRC and the Probate office.
After settling any outstanding debts and payment of legacies, we can prepare Estate Accounts and make the distribution to the beneficiaries.
The fees regarding this service will be based entirely on an “hours spent” timeframe and not a fixed percentage like many organisations do, which can reduce the fee payable dramatically, hence leaving more funds in the estate for the beneficiaries.
Please contact us for further advice on:
01689 853800 or email info@bdaccountants.co.uk
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