Have you recently lost a loved one? Chiltern Wills offers a probate or ‘estate administration’ service to wind up deceased clients’ estates. We will relieve you of the burden of having to deal with a lot of fairly complex paperwork, at an already difficult time.
What does estate administration involve?
Estate administration is the process of dealing with a person’s legal, financial and personal tax affairs after they have died. It involves far more than just obtaining a Grant of Probate – it means dealing with all of the person’s assets (such as property, shares and personal possessions), paying debts and paying any Inheritance Tax and Income Tax due. Whatever is left in the estate is then transferred to the beneficiaries. Estate administration can be extremely complex and is required after every death, whether or not there is a Will.
In order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
- Notifying beneficiaries and dealing with their questions
- Redirecting mail and cancelling or transferring utilities
- Dealing with any Income Tax liabilities
- Advising on the distribution of assets to avoid or mitigate tax liabilities
- Calculating and paying any Inheritance Tax
These are just some of the tasks that are involved, and every estate is different. Whilst some people decide to administer an estate themselves, this can take a significant amount of time and effort, and it leaves the executors personally liable for any mistakes made during the process.
If you have recently lost a loved one and would like some professional assistance with winding up their estate, Chiltern Wills will be glad to help.