Depending on the extent of the deceased’s assets, the Executor may need to apply for a Grant of Probate. When an administrator is dealing with the deceased’s estate rather than applying for a Grant of Probate the administrator applies for Letters of Administration.
Whether acting as Executor or Administrator the procedure is broadly similar.
As an Executor/Administrator you will have to:
- Make a complete list of all the assets in the estate including property, bank accounts and investments and have the assets valued;
- Make a complete list of the debts in the estate including credit cards, utility bills and loans;
- Once you have gathered all the information in relation to the estate, you will then need to make an application for probate or letters of administration. Making an application for probate or letters of administration involves summarising the assets and liabilities of the estate, swearing an Oath for Executors or an Oath for Administrators and submitting this to the Probate Registry. You will also need to complete a Inheritance Tax Return;
- The Probate Registry issue a Grant of Probate or a Grant of Letters of Administration which is then returned to the Executor or Administrator.
- The Grant should then be sent to all companies holding assets of the deceased who will forward the asset or payment to the Executor/Administrator. Once the Executor/Administrator has collected in assets of the estate they then discharge any liabilities
- Once all liabilities have been paid the Executors/Administrator should prepare a detailed estate account showing a breakdown of all monies received and all monies paid out as well as detailing the proposed distribution of the estate.
- Once the estate account is prepared it should be sent to the beneficiaries in the estate and approved by them. 8.Finally the estate monies can be distributed to the beneficiaries.
We at Clarkson Hirst can assist you in applying for the Grant of Probate or letters of administration, obtaining all the information you will need to complete this application and thereafter assist you in retrieving monies due to the estate and making payments due from the estate.
Executors and Administrators are also required to deal with any tax affairs on behalf of the estate and we can assist you in completing the appropriate paperwork on behalf of the estate to ensure that the tax affairs are up to date and have been properly dealt with.
The above is information in the form of an overview and is not intended to provide legal advice.
