Estate Administration
Estate administration is the handling an individual’s legal affairs after they have died. This includes dealing with their assets, debts, and taxes before distributing the inheritance to the estates beneficiaries as outlined in their will.
The executors in the will have the legal authority to act in this regard (the administration of the estate). If there is no will, then the rules of intestacy will state who can act.
How to administer an estate
Here are some of the key steps that one must take when administering an estate:
- Register the death
- Plan the funeral
- Review the Will and check for funeral wishes and whether there is a pre-paid funeral plan in place
- Contact the Executors
- Secure the deceased’s home and valuables
- Check the house insurance policy, notify them and ensure cover remains in place
- Collect personal papers to ascertain the assets in the estate
- Contact various institutions
Completing estate administration
- Collect the estate assets and pay any debts and liabilities
- Complete tax returns
- Place notices to creditors
- Decide which assets are to be transferred to beneficiaries and which are to be encashed
- Prepare Estate Accounts
- Pay legacies and distribute
As you can see, there are many duties one must fulfil out when carrying out estate administration following the death of a loved one. During this already very stressful time, you may benefit from professional estate administration services such as those offered by Elizabeth Jones Law. Book a consultation today to find out more about how our services may be of value to you.
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