When someone passes away their assets are first used to pay off any debts, then distributed, either in accordance with the terms of their will, or in the absence of a Will, according to a set of laws known as the Laws of Intestacy. In order to deal with the estate a court order known as a Grant of Representation may need to be obtained. If there is a Will, it is known as a Grant of Probate. If there is no Will, it is known as a Grant of Letters of Administration. Depending on the Estate this can potentially be a complicated process and involves submitting an inheritance tax return to HMRC. Our specialist team can help you with every stage of this process.
Business owners should also take these issues into consideration, when creating a Succession Plan. For example, if something were to happen to you and you hadn't made preparations, how would it affect your co-directors, shareholders or employees? Find out more on our Succession Planning page.
If there is a Will, the estate is dealt with by the person or people appointed in the Will - they are known as executors and they have the authority to act straight away. If there isn't a Will then the estate is usually dealt with by the next of kin - they are known as administrators. An administrator may need to obtain a Grant of Representation (see above) before they have authority to act in an estate.
If you are an executor or administrator we can help you deal with the estate in accordance with the law and cut through the legal jargon. In addition, if you feel that you may need to make a Will (or update an existing one) after administration has been settled, we can advise you on your options.
You can appoint QualitySolicitors Bradbury Roberts & Raby to act as the executor of your estate in your Will and we are more than happy to provide this service if required. We do not charge an additional fee for acting as a professional executor.
Everyone needs support at this difficult time and we understand that the process can be daunting. So why not let the legal experts give you the peace of mind you deserve. Talk to our estate administration experts Victoria Norman and Sarah Inman today on 01724 854000, or pop in for a friendly chat.