Administration of Estates

Many clients turn to us for help in dealing with the affairs of a person who has just died. This burden for the deceased’s family and friends comes at what is inevitably a difficult time, and at the end of a person’s life their affairs may not be in particularly good order, or they may be complicated for a variety of reasons.. Specialist taxation and other advice is often required to ensure that the estate is administered efficiently.

Our Charges

Unlike Banks and many others dealing with estates we DO NOT charge a percentage of the value of the estate, but only for the time which we spend on the work. This applies whether we are appointed by the Will as executors or not.

Administration where there is a Will

When a person dies leaving a valid Will the Executors appointed by the Will are required to administer the estate in accordance with the deceased’s wishes.. Before assets can be distributed an Inland Revenue Account must normally be prepared, setting out the net value of the estate. A Grant of Probate, which is a Court sealed document, can then be obtained to enable the Executors to deal with the assets. These can then either be sold or transferred to beneficiaries.

Executors may need advice regarding Inheritance Tax, the availability of tax reliefs, and the possibility of Capital Gains Tax if the value of shares or other property in the estate increase during the administration. Many Wills also now create Inheritance Tax saving Trusts which must be carefully set up if they are to achieve their desired purpose.

Deeds of Variation

Sometimes it may be appropriate to vary a Will after someone’s death to achieve a more tax efficient distribution of the assets in the estate, and we will prepare the documentation for this.

Administration on Intestacy

When someone dies without leaving a valid Will this is called an Intestacy. The Intestacy Rules set out Rules on who can deal with the administration of the Estate, who inherits and how much of the Estate they inherit. Family members will need advice on the effect of these Rules and how the Estate should be administered. Once a Grant of Representation has been obtained from the Probate Registry, administration of an Intestate’s Estate is broadly the same as where a Will has been left, although the assets will of course be distributed in accordance with the Intestacy Rules.

Inheritance Tax

More and more Estates are now liable to Inheritance Tax, as Inheritance Tax thresholds fail to keep pace with property prices. This requires the completion of a complex Inland Revenue account, and negotiations may be required with the Revenue on the value of business or other property assets.

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