Docstoc

Administration of Estates - The Administration of an Estate for

Document Sample
Administration of Estates - The Administration of an Estate for Powered By Docstoc
					 SERVICES
 Banking & Finance                                                           A Law Firm with a Broader View
 Commercial Property
 Company Commercial
 Dispute Resolution and
 Commercial Litigation
 Employment
 Franchising                                                                                                           www.sherrards.com
 Housing Litigation
 Intellectual Property
 International Services
 Private Client
 Property Litigation
 Retail




The Administration of an Estate
for Executors/Administrators
A basic guide
Registering the death                                                        Funeral
In England and Wales the death must be registered at                         The funeral is normally arranged by the family of the
the Registry Office within five days of the death. This is                   deceased. The deceased may have specified in their
normally done by a member of the family. It is sensible to                   Will whether they want to be buried or cremated
go to the Registry Office in the area in which the person                    and you should check this. Legally it is the Executor/
died, otherwise it may take longer to get the necessary                      Administrator’s responsibility to organise the funeral,
documents and this may delay the funeral. Registering                        but in instances where the deceased has appointed
the death will take around thirty minutes and you may                        Sherrards as Executors we may defer to a family member
need to make an appointment beforehand. You will be                          or friend to make the necessary arrangements. If you
issued with a ‘green form’ which you will need to give                       are in a position to pay the funeral bill out of your own
to the funeral director. You will be able to purchase one                    resources you should do so. You can be reimbursed out
or more Death Certificates at this time. We suggest                          of the estate at a later date. If you do not have funds to
that you purchase two or three Death Certificates, since                     settle the funeral bill you should forward it to us. We will
it, or certified copies, will need to be sent to various                     arrange to pay the funeral bill out of the deceased’s bank
institutions such as banks, pension providers etc.                           account(s) before the Grant of Representation is issued.


                                                                                                                           continued...




45 Grosvenor Road • St Albans • Herts • AL1 3AW • DX 141853 St Albans • Telephone: 01727 832830 • Fax: 01727 832833 • E-mail: law@sherrards.com
                                                                             A Law Firm with a Broader View


Grant of Representation
If there is a Will, the Executor is responsible for                          If there is no Inheritance Tax to pay, Sherrards will send
obtaining what is known as a Grant of Probate. If there                      the sworn/affirmed Oath, the original Will (if there was
is no Will, then the person entitled to apply for the                        one) and the Inland Revenue account to the Probate
Grant of Representation (the next of kin) will obtain                        Registry. The Grant of Representation will be issued
what is known as a Grant of Letters of Administration.                       2-3 weeks later. If there is Inheritance Tax to pay we
Once issued the Grant will allow them to “unlock” the                        will have to arrange to pay the first instalment before
deceased’s assets and distribute them in accordance                          we can apply for the Grant and we will send the Inland
with the terms of the Will or the Intestacy Rules. You can                   Revenue account to the Capital Taxes Office. Once
collect in details of the deceased’s assets and liabilities                  the Capital Taxes Office has confirmed that the first
yourself or ask us to do this on your behalf.                                instalment of Inheritance Tax has been paid, we will
                                                                             be able to make our application to the Probate Registry.
Once we have collected in this information we will
                                                                             Further payments of Inheritance Tax may be payable
prepare the Probate papers to enable you to apply for the
                                                                             after the Grant is issued.
Grant. The Oath for Executors/Administrators is the form
of application to the Probate Registry and states the total                  Once the Grant of Representation has been issued,
value of the estate. This document must be sworn on the                      Sherrards will collect in the assets in the estate and
Bible or affirmed to be true in front of an independent                      distribute them in accordance with the Will/Intestacy
solicitor (not Sherrards). You will need to advise us                        Rules. We may make an interim distribution
whether you wish to swear or affirm the document.                            if appropriate and arrange the payment of legacies
The solicitor will charge each personal representative                       (if relevant). If a property is to be sold then we will deal
£7 (where there is a Will) or £5 (where there is no Will).                   with this. We will also ensure that the deceased’s tax
An Inland Revenue account must also be completed                             affairs are up to date as at the date of death.
even when there is no Inheritance Tax liability to pay.
                                                                             We will then produce “Estate Accounts” showing the
The Inland Revenue account will be in short form (IHT205)
                                                                             deceased’s assets, debts, administrative expenses,
or long form (IHT200 or 400) depending on the size of the
                                                                             payment of legacies and the final distribution. Once
estate and the beneficiaries.
                                                                             approved, a final distribution can be made.




Contact
For more information on any of the issues
raised in this document please telephone


01727 832830
Nicole Marmor
nicole.marmor@sherrards.com

                                                                                                                     www.sherrards.com


45 Grosvenor Road • St Albans • Herts • AL1 3AW • DX 141853 St Albans • Telephone: 01727 832830 • Fax: 01727 832833 • E-mail: law@sherrards.com

				
DOCUMENT INFO