As the executor or administrator of an estate, the responsibility for properly administering the estate rests with you. This means dealing with the payment of liabilities, the tax affairs of the deceased, and distributing the estate to the correct beneficiaries.

You are required to deal with everything and can be personally liable if things go wrong. Bringing together and valuing all these different aspects of an estate can be a difficult and lengthy process.

What Are the Benefits of Appointing a Solicitor for Estate Administration?

If you, as the executor or administrator, choose to instruct a Solicitor to administer the estate on your behalf, you can be reassured that they are dealing with everything properly and are protecting your position as their client. Solicitors’ fees for administering the estate are paid from the deceased’s estate, you do not need to fund these yourself.

A specialist Solicitor has detailed knowledge of this area of Law. Estate Administration is a hugely technical area of law.

Solicitors are regulated bodies and have indemnity insurance in place for protection in the unlikely event that something does go wrong. This means that the executor or administrator of the estate would not be personally liable for any financial loss. Some situations which add to the difficulty of the administration of an estate include insolvent estates (where debts and liabilities are greater than the assets in the estate), estates involving assets abroad, estates which require inheritance tax to be paid, estates with business assets and estates where a person dies intestate (i.e. without a Will) and the beneficiaries of the estate may be unknown and need to be identified.

Many people are unsure what tax forms are required to finalise an estate and how to complete these and deal with HMRC. A Solicitor will deal with these important and necessary aspects of the estate administration on your behalf.

Payment of Inheritance Tax is the responsibility of the executor or administrator and so it is important to understand the rules around Inheritance Tax to ensure that the Inheritance Tax is paid on time and that the correct amount is paid. Other tax considerations when dealing with an estate include the payment of income tax and capital gains tax. Again, a Solicitor can advise you whether or not the estate is liable for these taxes and how and when they should be paid.

Dealing with the beneficiaries of an estate can cause added pressure on the executor or administrator of an estate. As the executor or administrator of the estate, the beneficiaries will look to you for updates, and pressure you to make payments to them. When a Solicitor handles the estate, the beneficiaries will be dealt with by the Solicitor, which can remove this pressure from you.

The executor or administrator of an estate has a demanding role. They are required to deal with a complex and lengthy legal process at a difficult time. Handing the whole estate to a solicitor to deal with on your behalf can save you many hours of work and worry, at an already difficult time when you may have just lost someone close to you. Even if you do not instruct a solicitor to deal with the estate administration on your behalf, it is always recommended that you consult a Solicitor to discuss your legal position and take some initial advice.

For more information, contact our team today on 0114 2813636 or send an enquiry and we will get back to you