Administering the estate
Collecting in the assets and distributing them to the beneficiaries is known as administering the estate. This stage of the process is likely to take the longest, as there are many issues to deal with.
The timing of the distribution is important, as distributing too early risks a claim against the estate that the personal representative may become personally liable for if protective steps have not been taken.
In addition, there may be questions from HM Revenue and Customs, the Department for Work and Pensions or the valuation office. Matters raised by beneficiaries or by disappointed third parties may cause issues for the personal representative and delay distribution. There may be a property to sell. Finally, releasing assets may be a lengthy process because of asset holder’s inefficient systems or complex requirements.
Benefits of instructing Julie West Solicitors
If you are confident about interpreting the terms of the will, making contact with beneficiaries, taking protective steps to avoid personal liability before distribution and dealing with enquiries from government authorities, you do not need a solicitor to administer an estate.
However, there are advantages to using a solicitor to help you with the administration. In order to limit personal liability, it is important that the personal representative gets it right at every stage. Personal representatives are entitled to appoint a solicitor to help them and have these costs paid for from the estate.
By appointing one of our solicitors you will receive expert advice tailored to your situation and the assets in the estate. We work hard to make the process as painless as possible for you, including keeping our advice friendly, approachable, simple and free from jargon.
“Informative, reassuring and friendly advice given ”
How it works
Process
Once you have made contact with us, spoken with your solicitor and decided to go ahead we will send you our welcome pack of paperwork to complete and return.
We may have already assisted you with the application for the grant. When the grant arrives, our clients usually ask us to continue to help them until the assets have been distributed and the administration is complete.
meetings
You will always be asked if you would like to meet your solicitor. Although a meeting is not a prerequisite, if you have the time, we think meeting your solicitor face to face is of great benefit.
Your solicitor may be able to offer you an appointment out of usual office hours if it helps you. Our meeting room and client facilities have level access. Our allocated office parking is right outside the office door. If you are unable to make it to our office, your solicitor will come and see you at home.
Timescale
If no enquiries are raised about the estate, the timescale for completion of the administration is usually less than a year from receipt of the grant.
If there is a property to sell, questions raised by government authorities or asset holders or there is a problem tracking down beneficiaries, the administration may take up to three years to complete.
Fee list for administration of the estate
Included in our fees
Retainers usually include:
A meeting to talk through the estate’s circumstances and options available.
Advice from a specialist solicitor tailored to your needs and delivered in a friendly and straightforward way.
A detailed outline of the steps to be taken to complete the administration, including timescales for each stage.
Collecting in and/or selling assets in the estate.
Dealing with legacies.
Corresponding with charitable beneficiaries.
Payment of executor/administrator expenses.
Dealing with creditors and other estate costs.
Investigation of and advising on queries received from government bodies.
Regular updates on progress, you will never be left in the dark.
Preparation of administration and distribution accounts.
Tax returns and/or advice on income tax and capital gains tax for the administration period.
Registration with the trusts register.
Arranging and effecting interim and/or final distribution to beneficiaries.
“Professional, thorough and swift ”