Estate Administration Explained

Estate administration in the UK refers to the process of managing and distributing the assets of a deceased person. This process is usually carried out by the executor named in the deceased person’s will or, if there is no will, by an administrator appointed by the court.

The estate administration process in the UK involves several steps, including:

• Gathering information: The executor or administrator must gather information about the deceased person’s assets, debts, and liabilities, including bank accounts, property, investments, and personal possessions.
• Applying for probate: If the deceased person had a will, the executor must apply for probate, which is a legal document that gives them the authority to manage and distribute the assets of the estate.
•  Paying debts and taxes: The executor or administrator must pay any debts or taxes owed by the deceased person and settle any outstanding liabilities.
•  Distributing the assets: The executor or administrator must distribute the assets of the estate according to the terms of the will or the laws of intestacy if there is no will.
• Final accounting: The executor or administrator must provide a final accounting of the estate to the beneficiaries and the relevant authorities, including HM Revenue & Customs.

Estate administration can be a complex and time-consuming process, and it is recommended that executors or administrators seek the assistance of a professional, such as a solicitor or probate specialist, to ensure that the process is carried out correctly.

The Importance of Using a Professional for Estate Administration

There are several reasons why it may be advisable to use a professional for estate administration in the UK:

• Complexity: Estate administration can be a complex and time-consuming process, and a professional can help ensure that all the necessary steps are taken correctly and efficiently.
•  Legal Expertise: A professional such as a solicitor or probate specialist has the legal expertise to interpret the will and handle the various legal aspects of the estate administration process, including applying for probate and dealing with creditors.
•  Taxation: Estate administration can also involve complex tax issues, such as inheritance tax, and a professional can help ensure that all tax obligations are met correctly.
• Objectivity: An estate administration professional can provide an objective and impartial perspective, which can be helpful in resolving disputes or dealing with difficult or emotional situations.
• Time and Effort: Estate administration can be a time-consuming and stressful process, and a professional can help to relieve some of the burden by taking care of the administration on behalf of the executor or administrator.

Swansea Legal Solutions

Using a professional for estate administration, like the experienced team at Swansea Legal Solutions, can provide peace of mind and help ensure that the estate administration process is carried out smoothly and efficiently, while also helping to minimize the risk of mistakes or oversights. Also, throughout March 2023, we are offering Probate advise from as little as £165 + VAT.

To book an appointment, call us today on 01792 420844 or read more here.