We understand that when someone close to you dies, that the process for dealing with their estate can seem complex and daunting. Someone needs to be authorised to deal with the estate, which may consist of assets such as a home, personal belongings, finances and liabilities. The person or persons who have the right to deal with or “administer” the estate are known as the deceased’s personal representatives (“PRs”).
The role of a personal representative (PR) is to collect in all the assets of the deceased, pay any liabilities which may be due, and then to distribute the balance in accordance with the terms of the deceased’s Will or the intestacy rules in the absence of a valid Will.
Our private client team has put together a useful estate administration guide to help you understand the process and to highlight things to be done which you may have otherwise missed. To summarise, some of the things which you will need to consider as a personal representative (PR) are as follows:
- Did the deceased make a later Will?
- Did the deceased own a property?
- Have you ascertained all of the deceased’s assets and liabilities?
- Have you given thought to inheritance tax, and any reliefs which may be applicable?
- Did the deceased make any lifetime gifts?
- What is the income and capital gains tax position of the deceased?
- Could a Deed of Variation be an option?
- How to finalise the estate.
Our estate administration guide will take you through all of these considerations in more detail, helping to make the process less daunting for you.
If you have any questions or would like any assistance with dealing with the administration of an estate, please contact our private client team on 0113 336 3400 or email firstname.lastname@example.org.
Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.