We offer a mix and match service in that we will do as much or as little of the work involved in winding up an estate as may be agreed at the outset with our clients.
Where the persons who are to wind up the estate are named in a Will they are called Executors: where there is no Will or the Executors are deceased or unable to proceed themselves then the Grant which is obtained is called Letters of Administration but both types of Grant can conveniently be called Grants of Representation.
Such a Grant is not required in every case following a death: if the estate if relatively small and there is no house or land to sell or transfer it may be that a Grant will not be needed. We can discuss this and advise on the way forward for £200.00 plus VAT.
If a Grant is needed then we can handle this on your behalf but the work involved will comprise the following:-
Identifying the assets and debts and other liabilities of the estate.
Obtaining the Grant of Representation including preparing the Inland Revenue Return and the Oath for Executors.
It is necessary to obtain details of the values as at the date of death of the deceased’s assets and liabilities as these have to be inserted in the Inland Revenue Return. If the estate is worth over the inheritance tax limit (normally £325,000.00 for a single person or £650,000.00 for a married person whose spouse has predeceased him/her) then completing the Return is a substantial task and often takes in the order of 2½ hours work (quite apart from any correspondence needed to obtain values etc., which are required for the completion of the Inland Revenue forms.
Having obtained the Grant of Representation the Executor can then collect in the assets and pay the debts.
The Executor should then pay out any specific legacies and following this prepare final accounts, obtain the approval of the Executors and also the residuary beneficiaries and then distribute the estate amongst the beneficiaries named in the Will or who are entitled at law.