When someone close to you dies somebody has to deal with their “estate”. A person’s estate is considered to be made up of the money, property and any possessions they had at the time of their death. The process of Probate involves collecting any money that is owed, settling any debts due (including outstanding taxes) and dividing the estate amongst the respective beneficiaries.
All assets (including property) in an estate will remain frozen, until the Probate Registry gives the authority (via a document known as a Grant of Representation) to the individual(s) nominated in your Will, the “Executor”. Under the Intestacy Rules it is up to the most appropriate member of the family member to act on behalf of the estate.
If there is a Will the estate will pass to the people named in the Will. If there is no Will certain rules known as the Rules of Intestacy will apply.
Whether you are an Executor or the next of kin, we can provide practical guidance to help you deal with the Administration of someone’s estate. We can help establish the size of an Estate for Probate and Inheritance Tax purposes.
We can prepare the necessary papers to lead to a Grant of Representation on your behalf and submit the required forms with the relevant organisations to collect all the monies due to the Estate and settle any outstanding debts.
We can advise on the benefit of a Deed of Variation to redirect assets of the Estate and arrange the sale or transfer of any shares and if necessary liaise with our residential property team to handle the sale or transfer of any property and land owned by the deceased.