What is probate (estate administration)?
Estate administration is the process of dealing with a person’s legal, financial and personal tax affairs after they have died.
It involves far more than obtaining a Grant of Probate (Confirmation in Scotland) which is just one element of the process. This means dealing with all their assets (such as property, shares and personal possessions), paying debts and paying any Inheritance Tax and Income Tax. Whatever is left in the estate is then transferred to the beneficiaries. Estate administration can be extremely complex and is required after every death, whether or not there is a Will.
What is involved?
In order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
- Notifying beneficiaries and dealing with their questions
- Redirecting post and cancelling or transferring utilities
- Dealing with any Income Tax liabilities
- Advising on the distribution of assets to avoid or mitigate tax liabilities
- Calculating and paying Inheritance Tax where relevant
- Dealing with specialist legal work
These are just some of the tasks that are involved and every estate is different. While some people decide to administer the estate themselves, this can take a significant amount of time and effort; and it leaves them personally liable for any mistakes made during the process.
How can we help?
Whether their estate is simple or complex, the issues faced with the death of a loved one are rarely straightforward. That’s why The Financial Detectives has partnered with Kings Court Trust, our preferred provider of estate administration, to deliver an estate administration service.
Most of us are not used to dealing with the complex requirements of estate administration, especially at a time when financial matters are the last thing on our minds. Kings Court Trust is one of the leading specialist estate administration service providers in the UK and, like us, they place their clients at the very heart of everything they do.