Estate administration is the process of dealing with a person’s legal, financial and personal tax affairs after they have died.
It involves far more than obtaining a Grant of Probate (Confirmation in Scotland) which is just one element of the process. This means dealing with all their assets (such as property, shares and personal possessions), paying debts and paying any Inheritance Tax and Income Tax. Whatever is left in the estate is then transferred to the beneficiaries. Estate administration can be extremely complex and is required after every death, whether or not there is a Will.
Tasks necessary to complete the estate administration processIn order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
- Notifying beneficiaries and dealing with their questions
- Redirecting post and cancelling or transferring utilities
- Dealing with any Income Tax liabilities
- Advising on the distribution of assets to avoid or mitigate tax liabilities
- Calculating and paying Inheritance Tax where relevant
- Dealing with specialist legal work
SLS Wills and More working with Kings Court Trust
While some people decide to administer the estate themselves, this can take a significant amount of time and effort; and it leaves them personally liable for any mistakes made during the process.
Whether their estate is simple or complex, the issues faced with the death of a loved one are rarely straightforward. That’s why SLS Wills and More has partnered with Kings Court Trust, our preferred provider of estate administration, to deliver an estate administration service.
Most of us are not used to dealing with the complex requirements of estate administration, especially at a time when financial matters are the last thing on our minds. Kings Court Trust is one of the leading specialist estate administration service providers in the UK and, like us, they place their clients at the very heart of everything they do.
Have you been appointed as an Executor, and are you 100% certain you have found all of the financial assets?
If you have, that is fantastic!
However, did you know that there is an estimated £200 billion in Dormant Accounts held by UK financial institutions, and is figure is increasing every year? There is also a further £1 billion in unclaimed shares and dividends. As an Executor, you have a responsibility to the beneficiaries to find all assets, which includes known, unclaimed and/or lost assets. You may not have the time to do this or even know where to start.
You may therefore be interested in a Financial Asset Search, which currently is available only to professional Executors and at least 90% of all searches find a lost account. This service is not currently available to lay Executors, and you could therefore be missing out on lost assets. However, SLS Wills and More Limited are able to offer this service (via Inheritance Data) to lay Executors for £275.
The search covers:
- Banks and Building Societies
- Personal Pensions
- Department for Work and Pensions search (company name essential)
- Life assurance
- National Savings and Investments.
If you are interested in obtaining such a search, please contact Sara here