Probate and estate administration
Dealing with the affairs of someone who has died can be difficult, upsetting and stressful. At Coupe Bradbury we can assist you at this difficult time.
When someone has died the process of dealing with their affairs is called ‘administering the estate’. There are many features to deal with during the administration of an estate. Some of these are as follows:
- If the person has left a Will, probate of the Will will often need to be obtained and the estate administered in accordance with the terms of the Will. We can assist you in obtaining a Grant of Probate
- If the person died without making a Will it may be necessary to obtain a Grant of Letters of Administration and to administer the estate in accordance with the laws of Intestacy
- We will provide advice and guidance to the administrators of the estate as to their powers and duties.
These duties can be onerous and may include:
- Accurately valuing the assets within the estate. This is important for many reasons including Inheritance Tax. HM Revenue and Customs (HMRC) can heavily penalise Administrators for incorrectly reporting the value of assets
- Accounting to the beneficiaries at the conclusion of the administration of the estate and maintaining accounts
- Reporting income and gains arising in the estate during the period of administration and reporting the same to HMRC
- Dealing with any prospective claims on the estate
- Paying creditors
- Dealing with the timely disposal and/or transfer of assets.
It can be seen from this that the duties of an Administrator are potentially onerous. It is therefore important that they are professionally advised.
At Coupe Bradbury we can ensure that Administrators comply with their legal obligations. We can
provide advice and assistance to Administrators, beneficiaries and other family members at this difficult time.
Where required we are skilled at negotiating values with HMRC for inheritance tax and capital gains tax purposes.
We are also able to provide advice as to the prospects of varying the terms of a Will or intestacy post death. There may be many reasons for this including ongoing inheritance tax mitigation.