Estate administration (sometimes referred to as Probate or Confirmation in Scotland) is the process of dealing with a person’s legal and tax affairs after they’ve died.
All estates need to be administered to some extent. This normally means dealing with all of their assets (such as property and personal possessions) and liabilities (such as outstanding debts) before transferring whatever is left to the beneficiaries.
If you are named as an executor in a Will, or the next of kin if there is no Will, you may need to think about:
• Closing bank accounts
• Paying debts
• Dealing with shares and investments
• Redirecting post
• Re-homing pets
• Selling property and assets
• Dealing with Inheritance Tax
• Income Tax forms
• Dealing with specialist legal work
These are just some of the tasks that you may need to consider. Some people decide to administer the estate by themselves but this can take a significant amount of time and effort, especially if you’ve never had to go through the process before.
If you decide to undertake the work yourself, you should also be aware that you are personally liable for any mistakes made during the process, such as when completing tax returns and legal paperwork.
For these reasons, many people prefer to appoint a specialist legal firm to do the work on their behalf.
Tom Curran, Chief Executive at estate administration specialist 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.
At Kings Court Trust, we only do one thing: estate administration. We take on full legal liability for every estate we administer and our fixed price offers our clients complete peace of mind. This is just one of the reasons why 9/10 of our customers recommend us.”
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.