Mourning from the death of a loved one may be an emotional and challenging time. When working with an estate, you must be prepared; you must either prepare yourself for the difficult task of being an executor/administrator or, at the very least, have a better understanding of the responsibilities you are required to do to administer an estate.
Estate administration refers to how an Executor/Administrator handles a person's legal and tax affairs after they have died. This process includes distributing assets or personal possessions to recipients as well as resolving outstanding debts. There may be several steps involved in estate administration, some of which are more difficult or time-consuming when administered without the help of a legal expert.
On behalf of the Executor/Administrator, the legal adviser conducts the majority of the job. This process includes obtaining date-of-death values for all assets, paying IHT (if applicable), obtaining the Grant of Probate/Letters of Administration, closing bank accounts, selling and managing property, shares, and other assets, liaising with all beneficiaries, paying any debts, and expenses, preparing Estate Accounts, paying any Income Tax, and distributing the estate according to the Will or Rules of Intestacy, as well as dealing with all HMRC tax issues.
There are no two estates that are the same. It's challenging to come up with a general formula for calculating expenses since there are so many variables. We'll want to meet with you immediately to examine the estate's nature and extent, as well as the estimated costs.
The financial and legal administration of an estate is the responsibility of an Executor or Administrator. They are also personally accountable if an estate is distributed incorrectly. An Executor's or Administrator's responsibilities are extensive, and they should be carefully studied.
Only the Executor or Administrator has the authority to appoint a legal expert to operate on their behalf. As an Executor or Administrator, you are accountable to ensure the following:
There are various benefits to hiring a professional to assist you with estate administration:
Our Full Estate Administration Service handles the estate administration from beginning to end. It's especially useful if you're unfamiliar with the estate's probate procedure or if you don't have the time to administer the assets.
The grief that follows the death of a loved one can be unbearably painful. We at Sail Probate can assist you at this difficult time by giving thoughtful, experienced, and practical counsel for your estate.
We provide a full Estate Administration service to guide you through the stages involved in administering an estate in the UK. We will take care of the entire procedure for you. This includes everything related to the grant of probate and assistance with valuing and organizing the estate. Extra charges, such as stockbroker fees or legal fees for selling a property, may be charged depending on what is included in the estate.
You must have a grant of probate before selling an inherited property. You can do it yourself, or you can choose one of the leading probate solicitors from our panel. They come with our stamp of approval, a fixed price, and a target time to complete estate administration of 9 months compared with the national average of 12 months.