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Estate Administration

After someone dies it is necessary to deal with the assets they leave behind.  This involves ensuring tax and other liabilities are settled and the assets are distributed correctly.  “Probate” is a term which is often used to describe this process.

Dealing with an estate can be a daunting task.  We can help . At Stone King we have an extensive team of partners, solicitors and paralegals experienced in dealing with all aspects of administering estates of whatever size.  

If there is a will the estate will usually be dealt with by the person or persons  named as the executor in the will.  The executor’s job is to gather in the assets of the deceased, to pay any tax and other debts and liabilities left by the deceased, and distribute the balance in accordance with the terms of the will.  The executor will usually need to obtain a grant of probate to deal with the estate. 

If there is no will then the estate will be distributed amongst the deceased’s relatives in accordance with a set of rules called the intestacy rules.  Who gets what depends on the size of the estate and which relatives survive the deceased.  The estate will be dealt with by an administrator who will usually be one of the relatives entitled under the intestacy rules.  Their role is very similar to that of an executor.  An administrator will usually need to obtain letters of administration to deal with the estate. 

There are generally four stages involved in administering an estate –

1. Tracing all the assets in the estate.

2. Calculating the value of the estate to work out whether inheritance tax is payable and paying the tax due.

3. Applying for the grant of probate or grant of letters of administration. The grant is a document issued from a special Court called the Probate Registry which confirms who is acting as executors or administrators. If the deceased left a will the grant also confirms their will.  A grant provides the executors or administrators with proof that they have authority to deal with the estate so they can access the deceased’s assets.

4. Settling any outstanding liabilities including tax and distributing the estate to those entitled.

Of course not all estates are the same; some are more straightforward than others. Factors which can often complicate the process include -

• Links to foreign countries such as foreign assets or if the deceased has lived abroad.

• Trusts in the Will.

• Business or agricultural assets

• Difficulties in tracing assets or those entitled to the estate

• Complex tax affairs.

• The need to vary an entitlement.  A beneficiary may wish to vary their legacy or share of the estate or disclaim them entirely.  This can facilitate inheritance tax planning for the deceased and the beneficiary involved. 

• Disputes relating to the estate, for example a claim made against an estate by individuals who feel that provision for their needs have not been met, or disputes relating to validity of the will itself or in relation to the estate administration.

Whatever the circumstances we will use our extensive expertise to provide advice on these more complex issues to ensure that the affairs of the deceased are wound up in an effective and timely manner.

The partners in Stone King are often appointed as executors either on their own or with family or friends of the deceased.  If we are not appointed executors, we are happy to support executors or administrators through the process in whatever way is most helpful to them.  We can help deal with the entire estate administration from beginning to end, or we can deal with parts of the process.  Our charges for dealing with estates are based on the time we spend dealing with the matter.  We have a large team and can ensure the work is done at the right level.  By offering a flexible service we offer our clients control over how much they need to spend on the expertise we offer.

For further information please click here to contact Charles Hayward.