- 22nd March 2019
- Posted by: steve mills
- Category: Blog, Funerals, Tax, Wills and probate
Estate administration is the process of dealing with a someone’s legal, financial and personal tax affairs after they have passed away.
It involves far more than simply obtaining a Grant of Probate. This is just one element of the process. Estate Administration means dealing with all their assets (such as property, banks, shares and personal possessions), paying debts and paying any Inheritance Tax and Income Tax. Then whatever is left in the estate is transferred to the beneficiaries. Estate administration can be very complex and is required after every death, whether or not there is a Will.
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.
Whether their estate is simple or complex, the issues faced with the death of a loved one are rarelystraightforward. That’s why Meers Legal Services has partnered with Kings Court Trust, our preferred provider of estate administration, to deliver a quick and affordable service at a fixed pre agreed fee.
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.