Estate Administration is the process of managing and distributing a deceased person’s assets under the terms of a Will or intestacy. The process includes establishing the extent of the Estate assets and liabilities, paying any tax due on the Estate and distributing money and other assets to any beneficiaries.
From our initial contact with you, we will work with you in our capacity as an Executor, Co-executor or Administrator of an Estate. We will deal with the Estate efficiently and with empathy making sure we keep you updated at every stage of the administration process.
We deal with financial, legal, tax and personal matters:
- Paying funeral costs
- Valuing and safeguarding all Estate assets
- Securing and insuring any Estate property and arranging the sale of that property if required
- Organising and completing all associated paperwork
- Re-homing pets
- Applying for the Grant of Representation (Confirmation in Scotland)
- Collecting, selling and transferring assets. Calculating and paying the correct amount of tax, working with HM Revenue & Customs (HMRC)
- Finalising any Income Tax liability and obtaining any repayment due
- Managing and settling any Estate debts including loans, mortgages and utility bills
- Distributing funds and preparing a clear and detailed Estate Administration Report.
Probate is the process that establishes who has the legal authority to administer an Estate under either a valid Will or the intestacy rules. In England & Wales the person responsible for dealing with the Estate receives a Grant of Representation, whereas in Scotland this is known as Confirmation. Grant of Representation is a general term that includes Grant of Probate and Grant of Letters of Administration.
In order to apply for Probate, an Executor or Administrator will need to complete the relevant Probate Registry and HM Revenue & Customs application forms. For the latter, it will normally be necessary to obtain exact valuations for all Estate assets and liabilities.
We cannot predict exactly how long it will take to administer an Estate, but we aim to complete the process within a year. As we rely on third parties to assist us, delays may occur. Complex Estates involving intricate legal or tax issues, overseas assets or the sale of a property may also take longer to administer.
An approximate timescale for administering an Estate is shown on the Estate Administration progress tracker page. But however long it takes, you can rely on us to handle everything. Your dedicated Estate Officer will contact you regularly and we will keep you updated every step of the way.
Depending on the size of an Estate and who benefits under a Will or intestacy, an Inheritance Tax liability may occur. Some of this liability will need to be paid before a Grant of Representation is obtained, while the balance will be payable at a later date. We will arrange these payments as part of our service.
Statutory Notices are advertisements placed in The London Gazette and another local paper giving notice that the personal representatives (Executors and/or administrators) of an Estate intend to distribute it. The notice period is usually two months and a day. It is best practice to publish these Notices to identify any creditors that may have a claim against the Estate. This will ensure that all valid claims are identified and dealt with before the Estate is distributed. It also protects the Executors or Administrators against any future claims on the Estate.*
Provided we are satisfied that all potential valid claims have been settled or that a reserve of money from the Estate’s assets has been retained, we will pay any legacies and make interim distributions to the Beneficiaries.
*Where the Bank is acting as Administrator, statutory notices cannot be advertised until the Grant of Representation has been issued, which can delay distributions.
In Scotland, there are no Statutory Notices. Distributions will be made no sooner than six months from the date of death.
The value of any legacy you receive will depend on a number of factors including:
- the terms of the Will
- the value of the assets bequeathed
- any outstanding debts
- Inheritance, capital gains and income tax due from the Estate
We cannot calculate the value of your inheritance until we have verified the above information; your Estate Manager will update you throughout the Estate Administration process and advise you when we know the approximate value of your legacy. We will make any interim payments to you where possible.
Tax compliance is a legal obligation of the Executor and as such we will arrange for any payment due to be made appropriately. Inheritance Tax should normally be paid within six months after a death. If the tax is not paid within this timeframe, HMRC will start charging daily interest on the outstanding amount.
We cannot guarantee or commit to an exact date for the payment of a legacy or distributions.
This is because we need to ensure that all Estate liabilities are paid before any money or assets can be distributed to beneficiaries. Once these liabilities are paid and we are satisfied that all potential valid claims on the Estate have been settled or that a reserve of money from the Estate’s assets has been retained, we will pay any legacies and make interim distributions to Beneficiaries.
We strongly recommend that if you have plans for your inheritance that you do not make any binding commitments until you have received the money in your account.
By phone: Please call your Estate Officer or Estate Manager in the first instance
Online: You can use the secure messaging section of this website to contact your Estate Officer or Estate Manager