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Life Centred Financial Planning

 Estate Administration

 
Estate administration is the process of dealing with a person’s legal, financial and personal tax
affairs after they have died.
It involves far more than obtaining a Grant of Probate (Confirmation in Scotland) which is just one
element of the process. This means dealing with all their assets (such as property, shares and
personal possessions), paying debts and paying any Inheritance Tax and Income Tax. Whatever is left
in the estate is then transferred to the beneficiaries. Estate administration can be extremely
complex and is required after every death, whether or not there is a Will.
In order to complete the estate administration process, there are a number of tasks that need to be
carried out, including:
•     Notifying beneficiaries and dealing with their questions
•     Redirecting post and cancelling or transferring utilities
•     Dealing with any Income Tax liabilities
•     Advising on the distribution of assets to avoid or mitigate tax liabilities
•     Calculating and paying Inheritance Tax where relevant
•     Dealing with specialist legal work
These are just some of the tasks that are involved and every estate is different. While some people
decide to administer the estate themselves, this can take a significant amount of time and effort;
and it leaves them personally liable for any mistakes made during the process.
Whether their estate is simple or complex, the issues faced with the death of a loved one are
rarely straightforward. That’s why Seneca Reid has partnered with Kings Court Trust,
our preferred provider of estate administration, to deliver an estate administration service.
Most of us are not used to dealing with the complex requirements of estate administration,
especially at a time when financial matters are the last thing on our minds. Kings Court Trust is
one of the leading specialist estate administration service providers in the UK and, like us, they
place their clients at the very heart of everything they do.
 
The service promoted here is not part of the Openwork offering and is offered in our own right.
Openwork Limited accept no responsibility for this aspect of our business. This service is not
regulated by the Financial Conduct Authority.
 
A guide for families dealing with the affairs of someone who has died
Understanding the steps involved in administering an estate following a bereavement.
This guide aims to explain what it means to be an Executor, as well as what tasks could be involved.