The period of time after a family member dies is obviously a difficult one for those affected. As well as the grief caused by the bereavement, there can also be stress involved in the settlement of the deceased’s affairs. There is a considerable amount of administrative work to be done in the winding up of an estate which most people simply do not have the time to do. At Mitchells Roberton we have a wealth of experience in dealing with estates of all types and sizes. Our Private Client team takes pride in minimising the burden on the executor and handling the administration with the utmost care and efficiency.
Responsibilities of the Executor may include:
- Valuing the total estate to be distributed;
- Ingathering and protecting the assets (including such assets that are not in the United Kingdon);
- Settling outstanding Tax issues of the deceased;
- Paying off debts and liabilities;
- Contacting and transferring assets to beneficiaries;
- Dealing with any claims on the estate;
- Preparing deeds of variation;
- Setting up and administering trusts;
- Closing the estate;
If the deceased did not leave a Will then an application must be made to the Court to appoint an executor before the estate can start to be ingathered. While we strongly recommend having a Will in place, we have completed this process countless times for our clients over the years.
The question of how long it will take to wind up an estate depends on a number of factors. If the estate is relatively small and a Will is in place then it will usually be possible to settle the estate within six months. With larger estates that may be subject to inheritance tax the process may take ten months or more. Throughout this period we will make regular contact with the executor to keep them informed of how matters are progressing.
If you need assistance dealing with the estate of a loved one or are looking to get a Will drafted, our Private Client department are here to help.
Have more questions about Wills, Trusts & Estates? Go back to the Wills, Trusts & Estates page for help from our expert team.
Need more help for yourself or your family? Visit our Services for Individuals page for details of how our experts can help you.