Probate and the Administration of Estates
Linnitts Solicitors can offer you a comprehensive service in relation to the administration of an estate.
If someone dies having made a Will a Grant of Probate may be required if their estate is valued at over £5,000. In order to obtain a Grant of Probate it will be Executors’ duty to collect the deceased’s assets and administer the estate according to law. They must obtain date of death valuations of all assets and liabilities of the deceased at the date of death, complete the relevant Inheritance Tax forms, raise funds and settle any Inheritance Tax liability and then submit an application for the Grant of Probate. Once Probate is granted the Executor will need to collect in or sell all assets, settle all liabilities, including any outstanding tax, produce accounts to the beneficiaries of the Will, pay any income, legacies and residue to the correct beneficiaries.
If Executors breach their duties they can be held personally liable to the beneficiaries or creditors of the estate. We can advise on all aspects of the Executors’ role and how to carry out their duties correctly, to include ways of protecting the Executors where possible. We can also advise on any potential claims against the estate and how to protect Executors from future liability.
Whilst administering an estate may sound rather straightforward, there can be many difficulties in carrying out the administration of an estate correctly. Linnitts are experts in dealing with estates of all sizes particularly large and complex estates liable to Inheritance Tax. Linnitts offer a professional service to assist the Executors in carrying out the administration of the estate, advising them on their duties and ensuring the administration runs smoothly from beginning to end.
We are also able to advise on any Trusts contained within the Will as well as varying the terms of the Will in the event a beneficiary wishes to redirect all, or part, of their entitlement and the taxation implications to both the estate and the beneficiaries.
Grant of Representation Only Services
Alternatively, if you feel you have a straightforward estate to administer, we can assist you with the application for the Grant of Probate (or Grant of Letters of Administration for Estates where there is no Will) only. We can prepare the relevant Inheritance Tax form, advise upon any liability which may arise, the Executor’s duties at this stage and prepare the Oath for swearing.
We offer a free half hour consultation with our Solicitors and Legal Executives, so call today to book an appointment regarding any Will or Deceased Estate enquiry.
To book an appointment call us on 01626 33 33 80 or complete our Request a Call Back form and we will call you back, at a time to suit you, free of charge.