Estate Administration
Probate & Estate Planning
Estate Administration is the term used to describe dealing with an estate. This might be in accordance with a Will, if one is written, or in accordance with the intestacy rules if there is no Will.
This process involves several key steps, but if the estate is complex, can involve much more:
- Proving the Will: If the deceased left a will, it must be 'proved’ by the probate Registry. Proving a Will means demonstrating to the Probate Registry that the Will is valid, and confirming that the executors believe it is the most recent Will.
- Compilation of Assets: The representative dealing with the estate (e.g. an executor) must identify the deceased's assets. This includes, but isn’t limited to, property, bank accounts, investments and personal property.
- Creditors: The representative must notify creditors and allow them to make claims against the estate.
- Beneficiaries: Beneficiaries named in the will, or people inheriting under the intestacy rules, should be informed.
- Payment of Debts and Taxes: The estate must pay any debts and taxes owed by the deceased. This can include personal debts, funeral expenses, and estate taxes, such as Inheritance Tax.
- Distribution of Assets: Once liabilities are paid, the remaining assets are distributed to the beneficiaries.
- Accounting: The representative completes a final account of the estate's finances, detailing all income, expenses, and distributions.
Estate administration can be complex, particularly if the estate is large, the will is contested, or there are many creditors and beneficiaries. It is important to remember that Executors are personally liable for their actions, and therefore it is important to get it right. Click here to explore the duties of an executor more.
