Probate and the administration of estates

The death of a close friend or relative is a difficult time even before you start thinking of dealing with the deceased's financial affairs. Most people will never have been involved with an 'estate' previously and can become confused by a whole host of legal terms and procedural matters. Below we give an idea of the steps that have to be taken by the executors or administrators.

1. Register the death with companies/organisations which hold assets on behalf of the deceased.
2. Request valuations of assets and obtain information about liabilities.
3. Calculate any Inheritance Tax liability and arrange for the payment thereof.
4. Complete an Inland Revenue Account.
5. Inform the Inland Revenue of the deceased’s death and clarify to what extent income tax and capital gains tax affairs are up to date.
6. Prepare the necessary probate papers and apply for a Grant of Representation where appropriate.
7. Register the Grant with companies/organisations and apply to encash/transfer assets and settle liabilities.
8. Assess the likelihood of any claim being brought against the estate.
9. Deal with the sale/transfer of any property on behalf of the executors.
10. Pay income tax/capital gains tax arising during the period of administration of the estate.
11. Prepare estate accounts and distribute the Estate in accordance with the Will/the Law.