Administering a person’s estate can quite often be time consuming and complex, especially at a sensitive time and when emotions are running high.
Here at J W Hughes & Co, we can make the process of administering an estate as simple and straightforward as possible
We have experience of dealing with small, medium and large value estates. We quite often deal with estates that have business or agricultural property and foreign assets.
The general procedure for the administration of an estate is as follows:
- Submitting an Inheritance Tax Return (now required on all estates)
- Obtaining the Grant of Probate
- Gathering in the deceased’s assets
- Paying any debts and liabilities
- Paying any Inheritance Tax (if applicable)
- Paying the legacies as set out in the Will
- Setting up and dealing with the administration of any trusts set up under the deceased’s Will
- Distribution of Residue
- Selling or transferring Assets (including property)
The Executors of the deceased person’s Will are responsible for carrying out the above tasks.