April 2, 2019

What Is Estate Administration?

Estate Administration is the process of winding up someone’s estate. It is the act of drawing in all of the assets, paying off any liabilities and then distributing the estate in accordance with the Will. In the absence of a Will, the assets must be distributed in accordance with the rules of intestacy.

It is the role of the executor (appointed by the Will) or the administrator (in the absence of a Will) to ensure that the estate is wound up correctly and in a timely manner.

It is necessary for the appointed executors to calculate the value of the estate, submit the relevant forms to HMRC and to the probate registry, being extremely careful to record information correctly, as they may be personally liable for any inaccuracies.

As professional executors, we are insured for the work that we undertake, and are familiar with all of the work involved. Family members or loved ones appointed to act will be expected to do work that they are unfamiliar with at a time when they are least capable through grief.

As part of the process of being able to wind up an estate, the executors have to apply to the court for permission. This permission comes in the form of the Grant of Probate. This is the starting point.

It is often more complicated than it sounds, and Fortis Law can help in a number of ways.  We can offer hand-holding services, working with the family to walk them through the process, or we can take over the administration of an estate to assist with all complexities. Often probate companies will charge a percentage of the value of your estate to handle the administration of your estate.

By comparison, we have fixed-fees, no matter the size of your estate, our experts are on hand to lend professional support, reducing additional stress for your family.

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