Estate Administration Service
Twilight Group are here to provide support to your executors in collecting and advising on the necessary information required and ensure that the correct process and protocols are followed to ensure that the wishes you would have laid out in your Will are taken care of in a professional manner and that your inheritance is distributed correctly.
Selecting Your Executors
Your chosen Executor is responsible for valuing all property, cars, assets, shares, and establishing the debt owed to HMRC and other creditors. They are also responsible for ensuring that all tax liabilities are dealt with and that everyone is paid their intended inheritance. Therefore, it can be a daunting and time consuming task for them to carry out which is why they often hand over the responsibility to a solicitor.
Estate Administration can be Complex
Estate Administration can be a complex road to navigate, especially at a time of loss. Twilight Group’s knowledgeable Estate Planners are here to help.
Initial Five Step Guide
- Discuss the duties of the executors.
- Ensuring they secure all assets and that they are protected during the probate process.
- Gathering the information to Identify, value and collect assets.
- Calculating if Inheritance Tax applicable
- Ensuring the completion of relevant forms and applying for probate and submitting to the HMRC
Grant of Probate
A Grant of Probate is a legal document giving the Executor (persons named to deal with the Estate of the deceased) the legal permissions to administer the Estate. Before you can apply for this document, you must estimate and report to HMRC the value of the estate, and you also need to determine whether there are any taxes due to HMRC.
When Probate is Granted
- Preparing estate accounts and distributing to your beneficiaries.
- Ensuring relevant Inheritance Tax exemptions and reliefs are fully utilised.
- Ensuring beneficiaries receive their full entitlement under your will or intestacy.
- Corresponding with HMRC to finalise any income tax and capital gains matters.
- Updating beneficiaries throughout.
- Ensuring payment of your debts and liabilities.
Estate Administration Fees
Estate Administration Service from 2%* of estate value
Upfront Probate Services from £3250 – click here for more information
*Dependent on the complexity of the deceased’s estate.