When an individual passes away the rights and obligations to administer their estate falls to the Executors named in their Will, or, if they have not left a Will, to the persons entitled to a Grant of Letters of Administration. The task can be complicated and worrying. Rita Sen has long experience of the administration of estates and can assist you with all aspects of estate administration
A Grant of Representation needs to be obtained. This is a formal document that gives the Executors or Administrators the right to collect in the assets of the estate, pay any outstanding debts and distribute the balance of the estate in accordance with the terms of the Will, or as required by the Laws of Intestacy (the Law that governs how an estate is to be distributed in the absence of a Will). In order to obtain such a Grant a formal application needs to be made and information relating to the estate needs to be provided to HM Revenue and Customs.
Where appropriate Inheritance Tax needs to be paid before the Grant can be obtained (and, accordingly, often before the person seeking the Grant is able to access the funds of the deceased). HM Revenue and Customs have the power to impose substantial penalties in cases in which Inheritance Tax is not properly paid, or is not paid within the statutory time limit.
Once the Grant has been obtained, assets need to be collected in, liabilities discharged and throughout the process the estate needs to be protected, for example by making sure that any unoccupied property is secure and insured. When these processes have been completed the estate needs to be distributed. On occasions it is sometimes necessary to trace individuals, or even their descendants, to make sure that those properly entitled to receive their due share of the estate funds.
Rita Sen is full members of the Society of Trust and Estate Practitioners and our Solicitors have many years experience in dealing with the administration of estates of all sizes. By ensuring that a suitably qualified and experienced Team deal with all the estates in which Rita Sen Solicitors are instructed we make sure that the administration is dealt with efficiently, economically and, of course, in accordance with the Law.
Rita Sen Solicitors was the first Practice locally to be accredited under the Law Society’s Wills and Inheritance Quality Scheme.
To download our Where Inheritance Tax is Payable leaflet please click here.
Probate – how much does it cost? Read more here.