Estate Administration (Probate)
If you have recently lost a relative or someone close to you the prospect of dealing with their estate can often be emotiional, traumetic and very stressful. Hopkins can help you through this difficult time by assisting you with the complex and legal and practical formalities required
What is Estate Administration?
When a person dies all their assests are automatically frozen and cannot be accessed. Estate administration is the strict legal process by which a persons assets are unfrozen and collected in, any debts settled and any remaining amounts (the estate) distributed in accordance with their Will or with the rules of intestacy (see Making a Will)
What does Estate Administration involve?
Estate Administration can be a very complex process. Although the following points cover some of the requirements involved in Estate Administration it by no means covers all the issues that arise:
- If the person made a Will then the Will needs to be checked by a legal professional to ensure that it is valid and that it complies with all legal requirements
- The people who are entitled to benefit from the estate, either under the Will or under the rules of intestacy, need to be identified and located
- Information concerning a persons assets and debts has to be collected and values obtained
- The formal document known as the Grant of Probate or Letters of Administration needs to be obtained. The document enables either the Executor(s) of the Will or the next of kin to deal with the estate and unfreezes the persons assets
- Arrangements need to be made for assets to be released, for example by closing bank accounts, selling shares or property and obtaining paymenst due under life policies
- Any outstanding debts need to be paid from the estate
- The assets need to be distributed to the persons entitled under the Will or under the rules of intestacy
- Detailed accounts need to be prepared. This is a formal requirement and the Court may ask you to produce these at a later date if they so wish.
Estate Administration can be a complex process and unfortunately it occurs at one of the most difficult times. The staff in our Probate Depertment have many years experience in dealing with estate administration and can help you through these complex legal requirements during this difficult time.
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