Administering an estate
The administration process
A formal process known as obtaining a Grant of Representation (“a Grant”) is generally required in order to administer a deceased person’s estate. This process is often referred to as “Probate”.
Those entitled to apply for a Grant are the executors named in the Will (if there is one) or certain persons specified by law where the deceased died intestate (i.e. without a Will). Collectively, these individuals are known as the Personal Representatives (“PRs”). PRs may administer an estate themselves or instruct a professional, such as ourselves, to act on their behalf.
Where there is a valid Will, the Grant required is a Grant of Probate. Where there is no valid Will, the Grant required is a Grant of Letters of Administration. Whether a Grant is required will depend on the nature and value of the deceased’s assets and liabilities.
Before applying for a Grant, the deceased’s assets and liabilities must be identified and any inheritance tax (“IHT”) payable must be dealt with. An application is then made to HMCTS using prescribed legal forms, the type of which depends on the nature of the estate, the assets and liabilities involved, any lifetime gifts and whether any IHT reliefs or exemptions are being claimed. Where an estate is subject to IHT, a detailed IHT Account must be submitted to HMRC, together with the tax due. In certain cases, a full IHT Account is required even where no IHT is payable.
Once a Grant has been obtained, the PRs must collect in the estate assets, settle liabilities and administration costs, and distribute the estate in accordance with the Will or the rules of intestacy.
The administration process can be lengthy and complex, particularly where an estate is intestate, subject to IHT, or includes business or agricultural assets, assets held in trust, or foreign assets. It is therefore important to take advice as soon as possible following a death to ensure that key deadlines are met, including those relating to IHT reliefs and Deeds of Variation.
How we can help
Our specialist Private Wealth & Succession team is highly experienced in this area of work. The team comprises four Partners and 22 professionals across three offices, including six members of STEP, with others working towards accreditation.
We have particular expertise in high-value and complex estates, including those involving business and agricultural assets, trusts and assets located abroad. We also work closely with a trusted network of professional advisers in other jurisdictions where required.
The guide below sets out the services we offer, together with details of our fees, which may be adapted where appropriate to meet your specific requirements.