Dealing with the paperwork when a loved one passes away at such an emotional time can be challenging, it can be difficult to know what to do and how to go about administering an estate.
Dealing with an estate can be very complicated and time consuming for those left behind. The added burden of dealing with the estate formalities can make the entire process seem overwhelming.
How to deal with an estate
It’s important to find the original Will as soon as possible, this may be stored at home, at the bank, with a lawyer or with relatives. If there’s no Will, you will need to formally apply to the Court to have a relative appointed to deal with the paperwork.
If there is no Will, you will need to obtain a “bond of caution” this is an insurance policy to ensure that you deal with the estate lawfully. If you make a mistake as executor, you may be in breach of your insurance contract and you may be held personally liable.
Once you are in receipt of the above you will need to contact the deceased’s bank, insurance company, pension provider etc requesting a valuation of the assets owned at the time of death. A full inventory of the estate assets and their value need to be compiled by you and approved by the Court.
All estates over a certain amount are liable to pay Inheritance Tax (IHT). Calculating how much is payable can be a complex procedure, and care must be taken. IHT must be paid within six months of the date of death or penalty interest will start running.
Except for funeral costs and IHT, you should not pay out from the estate until six months have passed since the date of death. This will allow any creditors to make their claim on the estate. You may be personally liable for any unpaid debits if there is insufficient money left to cover them.
Our Estate Administration Lawyers
We understand the death of a relative or friend can be a distressing experience for family members and loved ones, our specialist Executry team can guide you through the necessary procedures with an empathetic care second to none.
Whether we are acting as Executors, or providing support and guidance to assist you in fulfilling your duties, we make a sometimes complicated process as straight forward as possible and keep everyone involved informed of progress along the way.
To speak in confidence with our estate administration lawyers call 0800 0891331 and let us take the strain.