Wills and estate planning – probate and estate adminstration
When someone dies it is necessary for their estate to be dealt with. A person’s estate is made up of the money, property and any possessions they owned at the date of their death. The administration of the estate involves collecting together any money that was owned by the person who has died, paying any debts due and dividing the estate amongst the beneficiaries.
Unless the estate is very small, all money, property and assets in an estate will be frozen until the Probate Registry authorises someone to administer the estate. The authority from the Probate Registry is given by way of a document known as a Grant of Representation. If the person who has died left a Will, the Will will usually state who the Executors will be and they are entitled to apply for the Grant of Representation. If there is no Will, it will be necessary for a member of the family to apply for the issue of the Grant of Representation.
If there is a Will, the estate will pass to the beneficiaries named in the Will. In the absence of a Will certain rules apply (known as the intestacy rules) which determine who is entitled to inherit.
If there is a property or land to be sold, a member of our property team will be able to handle this on behalf of the estate.
The Wills and Probate Department of Leeds Day can provide guidance to relatives and executors dealing with the administration of an estate. We can advise on the following matters:
- Valuation of the assets.
- Application for the Grant of Representation.
- Payment of Inheritance Tax and preparation of HM Revenue and Customs forms.
- Payment of liabilities.
- Finalising income tax affairs.
- Collecting in all assets and arranging sales as appropriate.
- Transferring assets to the beneficiaries where required.
- Payment of legacies due under the Will.
- Preparing final Estate Accounts for approval by the Executors and beneficiaries.
- Arranging for trust assets to be invested where a trust arises under the Will or intestacy.
- Making the final distributions of money and assets to the beneficiaries.
- Advising on Deeds of Variation and any other matters arising during the course of the administration.
We have a highly experienced team which handles all inheritance issues. Please contact us to make an appointment.