Administration of the estate
This would include an initial appointment with the Executors of the deceased’s Will (or Administrators of the estate if there was no Will) in order to gain information regarding the deceased’s assets and liabilities. Following the meeting we would make contact with the necessary institutions i.e. banks, pension providers etc to enable us to prepare the papers to obtain the Grant of Probate (or Grant of Letters of Administration) and make payment of Inheritance Tax (if applicable).
After we have obtained the Grant of Probate (or Grant of Letters of Administration) we would call in all of the assets and make payment of all liabilities and expenses. Once all of the assets have been called in and all liabilities/expenses have been paid we will prepare Interim Estate Accounts or Final Estate Accounts for your approval. It may be possible to make interim distributions before the administration of the estate is finalised.
This is at the discretion of the Executors (or Administrators) and we will advise you if we consider this to be appropriate. Once these matters have all been concluded we will distribute the estate in accordance with the terms of the Will or as otherwise agreed by all relevant persons.
Please note that the above is a simplified process of what happens throughout an administration of an estate and is not an exhaustive list.