When someone dies, the process of dealing with their estate can feel overwhelming, which is where we can help. Probate and estate administration is the legal process of managing the money, property, and possessions of a person who has died, ensuring that their estate is dealt with properly and in accordance with the law.
This process involves identifying assets in the estate, paying any taxes due and outstanding debts, and distributing the estate to those entitled to inherit. Whether you are an executor named in a Will or a family member dealing with an estate where there is no Will (known as intestacy), clear legal guidance can make a huge difference.
How does the probate process work?
The first step is to calculate the value of the estate, including property, money, investments, and possessions of the person who has died. It is important to ensure any property is secured and insured. This allows us to assess whether inheritance tax or other taxes are payable and to advise on mitigating inheritance tax and capital gains tax where possible.
Once the value of the assets is established, it may be necessary to apply for probate or apply for letters of administration, depending on whether the deceased person left a valid Will:
- A Grant of Probate is required where there is a Will and an executor has been appointed.
- A Grant of Letters of Administration is required where someone dies without leaving a Will, and an administrator must be appointed under the rules of intestacy.
These grants, collectively known as a grant of representation, are issued by the Probate Registry and give the executor or administrator the legal right to deal with the estate.
Once the grant has been issued, the executor or administrator can begin the administration process, which includes collecting assets, closing accounts with a bank or building society, paying debts and taxes, and dealing with the property if a sale is required.
After all liabilities have been settled, the estate can be distributed to the beneficiaries or those who inherit the estate under the intestacy rules.
Who is responsible for administering an estate?
The person responsible for administering the estate is known as the personal representative. This will be either:
- An executor, if named in the Will; or
- An administrator, if appointed by the court where there is no Will or the executors named in the Will are unable to act.
Executors and administrators have a legal duty to administer the estate properly, which includes safeguarding assets, paying tax and debts, and distributing the estate correctly. Failing to follow the probate process can expose personal representatives to legal and financial risk.
How long does estate administration take?
Our aim is always to progress matters efficiently and distribute the estate as soon as possible.
The timescale depends on several factors, including:
- The nature and value of the estate
- Whether property needs to be sold
- Whether tax is payable
- Whether there are complications such as a claim against the estate
A simple estate may take only a few weeks to administer, while a more complex estate can take several months. Throughout the process, we provide clear guidance on next steps and keep you informed at every stage.
Tax and financial matters
As part of the probate process, it is essential to establish whether any inheritance tax, capital gains tax, or income tax must be paid. HM Revenue and Customs must be notified, and tax must often be paid before probate is granted.
We assist with:
- Estimating the value of the estate
- Identifying what tax is payable
- Submitting the probate application
- Applying allowances/discounts available to an estate to reduce the tax payable and ensuring all taxes are paid correctly
We can also advise on putting in place legal documents to mitigate tax liabilities after a person has died, such as Deeds of Variation to the Will, or Deeds of Appropriation which can help reduce Capital Gains Tax. The result of this is that tax can be saved both on the deceased’s estate and that of the beneficiary.
What should I consider before getting in touch?
If you are dealing with the estate of someone who has died and may need probate, it is helpful to have the following information available:
- A copy of the death certificate
- A copy of the Will, if there is one
- A clear idea of the deceased person’s assets and liabilities but if this is not available, we can investigate and undertake specific searches to ascertain the value of the estate
This allows us to advise quickly on whether you need to apply for probate or letters of administration and what the next steps should be.
Why choose Grant Saw for probate and estate administration?
We are the largest Private Client department in the local area, with six dedicated specialists experienced in dealing with estates of all sizes and levels of complexity.
Our team is known for being professional, approachable, and supportive, and many clients come to us through recommendations from previous clients.
We can take on the burden of administering an estate at a time which can be difficult, and act as a neutral party where there may be tension between loved-ones. We will always try and minimize the tax liabilities on an estate and can advise beneficiaries on how to reduce tax on their own estates after receiving an inheritance.
We hold the Law Society’s WIQS (Wills and Inheritance Quality Scheme) accreditation, demonstrating excellence in probate and estate administration which is awarded annually. Our team also includes members of ALL (Association of Lifetime Lawyers) and STEP (Society of Trusts and Estate Practitioners), reflecting our depth of expertise in Wills, trusts, and estate law.
We also provide full disabled access at our Greenwich and Blackheath offices.
For more information, please email privateclient@grantsaw.co.uk or contact the team on 020 8858 6971.
