We live in a complex world of both paper and online accounts and administration. Even a relatively simple and non complex estate can generate numerous letters and requests for information.
If you ask us to carry this out for you we will ensure you are clear on the costs and what input you are needed to give. A plan for reducing the routine correspondence costs can be devised in many cases.
Here is a selection of some of the issues that can arise:
- Locating last known Will and access to funds to pay Inheritance Tax
- Business succession where business interest is held by the deceased and a business needs to be kept running or sold
- Identifying business assets which may be entitled to tax relief
- Holding empty property can be problematic in relation to security and maintenance as well as outgoings. Clearance and then sale may have to be arranged
- Some pensions and insurance policies may fall outside the estate and avoid Inheritance Tax
- Estimates and professional valuations will be needed for assets and liabilities, and some of these –often those in relation to shares and property may be challenged
- Once court authority is given money and assets can be collected and sold and the monies safely held pending distribution
- An Estate may be insolvent with insufficient assets to pay all debts and expenses. In some cases work should be carried out to find out where assets are held. Over time some accounts get overlooked and the value of policies and investments is often under estimated.
- Beneficiaries tend to be anxious for progress but payments to them can only be made once the estate has funds and the executors are sure of the financial position relating to debts and liabilities.
We have experience in the administration of estates of varying sizes and degrees of complexity.
We are happy to talk you through what is involved.