In order to legally administer a deceased relative’s estate – turn cash into shares, sell property, close bank accounts etc - it is often necessary to obtain a Grant of Representation.
The most common Grants are Grant of Probate and Grant of Letters of Administration. It is the Executor/Personal Representative’s responsibility to administer [in a legal and forthright manner] the deceased person's estate. Of course the Executor can obtain legal assistance from a Solicitors Firm, and this is usually needed especially when there are tax concerns, DWP repayments or the sale of property involved. It can also help just to have a friendly face to offer support and guidance.
There are six main steps to administering an Estate:
The Personal Representatives of the estate must act very carefully as they can be held personally liable for any loss which is suffered as a result of poor administration. This is why it is usually best to instruct a Solicitor to handle the administration of an Estate where the responsibility rests with a lay person.
In many estates it is possible to avoid Inheritance Tax liabilities with advanced planning or by making use of the exemptions available to your beneficiaries with a Deed of Variation. This is a complicated area but with the potential to save substantial IHT. It is always advisable to speak to a legal professional who is qualified and experienced in these matters.
If you are struggling with a recent bereavement and require assistance with the administration of the estate or if you simply need help with an application for the Grant of Representation then please contact us to arrange a friendly and informal meeting with one of Kirwans’ specialist Solicitors.
Use our quick form below and a member of our Wills & Estates team will give you a call.
Mr M Seddon