When someone close to you dies, it can be difficult working out what to do and in what order. One task that you will need to consider fairly soon after the death is the process of dealing with all the assets and liabilities associated with the person – this is known as estate administration.
Estate administration (sometimes referred to as probate) deals with a person’s legal and tax affairs after they've died. This means valuing and distributing all of their assets (such as property, shares and personal possessions), settling debts and paying any tax that may be due on the estate.
In addition to specialist legal and tax work, there will also be a host of administrative tasks that need to be completed. These will include things like dealing with utilities companies, closing bank accounts and redirecting post. All of these tasks can be very time consuming and often cause a great deal of stress and hassle for the family at an already difficult time.
Estate administration is a long and complex legal process, so expect it to take months rather than weeks. As each estate is different, it is almost impossible to tell how long the process will take without knowing more about the specific nature of the estate.
The executors or administrators are responsible for the accurate distribution of the estate. If you are named in either role, you will assume legal and financial liability for all of the work that is involved. Should any mistakes be made you will be personally responsible for rectifying them. This is one of the reasons why many people choose to appoint a professional to do the work on their behalf.
Kings Court Trust is one of the UK’s leading estate administration specialists. They have helped thousands of families deal with the estates of their loved ones and have distributed over £1 billion in inheritance.
Tom Curran, Chief Executive at Kings Court Trust, said: “Estate administration can be a daunting prospect to deal with, especially as most families will still be coming to terms with the loss of someone close to them. That’s why our service is designed to make the process as straightforward and stress free as possible.
Every action, decision and service we offer goes some way to achieving our purpose – helping families move on. We always recommend that you seek professional legal advice before administering an estate and we offer free guidance with no obligation, so please contact us if you have any questions.”
Kings Court Trust can provide a fixed price quote in just a few minutes and help you understand your options. Call us on 0300 303 9000 or visit kctrust.co.uk for more information.
This blog was written as part of the ‘Big Conversation’ campaign which is being run by the Dying Matters coalition which is looking to raise the public’s awareness of dying, death and bereavement. To find out more please visit dyingmatters.org