When someone close to you dies, it is necessary to deal with their “Estate”. A person’s Estate is considered to be made up of the money, property and any possessions they had at the time of their death. The process of Probate involves collecting any money which is owed, settling any debts due (including outstanding taxes) and dividing the Estate amongst the respective beneficiaries.
All assets (including property) in an Estate will remain frozen until the Probate Registry gives the authority (via a document known as a Grant of Representation) to the individual(s) nominated in your Will, the “Executor”. If you have no Will, then it is up to the most appropriate member of the family to act on behalf of the Estate, called “the Administrator”.
If there is a Will, the Estate will pass to the people named in the Will. If there is no Will, certain rules known as the Rules of Intestacy will apply.
Whether you are an Executor or the Administrator we are able to assist with the administration of the Estate. We make enquiries and obtain valuations to determine the size of an Estate for Probate and Inheritance Tax (IHT) purposes. We also prepare the necessary IHT Return. We will prepare an application for the Grant of Representation on your behalf and lodge the required forms with the relevant organisation to collect monies due to the Estate and settle any outstanding debts.
We may arrange the transfer or sale of any shares and work with our Residential Property team to handle the sale of a house or land owned by the deceased.
Where appropriate we are happy to advise on a Deed of Variation (or Deed of Family Arrangement) by which a beneficiary’s entitlement under a Will or Intestacy may be varied.
If you would like to know more please contact Robert Goodchild, Claire Duncan or Elizabeth Massey
