Estate Administration and Probate
When someone dies, their assets become known as their estate. This can include property, money, and other possessions. The estate must be managed by someone who has been given legal authority to do so (a personal representative), such as an executor or administrator.
The process of managing and distributing the assets of a deceased person is known as estate administration. This process can often be complex and there are specific legal requirements that must be followed. Probate is the term commonly used for the process of administering the estate of a loved one when they pass away.
One of the first steps in estate administration is to value the assets of the person who has passed away. This can often be a time consuming and complicated process, as it may involve property valuations, valuation of investments, and other assets. It is important to note that once the assets have been valued, any debts or taxes owed by the deceased must be paid from the estate. This may include things like outstanding bills, funeral expenses, and inheritance tax.
Once all outstanding debts and taxes have been settled, the remaining assets can be distributed to the beneficiaries named in the will. In the scenario where there is no will, the assets will be distributed according to the rules of intestacy.
As part of the estate administration process, it is important to keep accurate records and to communicate clearly with all parties involved. This includes beneficiaries, creditors, and any other interested parties.
Dealing with the loss of a loved one is never easy and the estate administration can be a complex and time-consuming process. Here at The Jonathan Lea Network, our Private Client team can help to ensure that the process runs smoothly and that any potential issues are addressed from the outset.
If you are feeling lost, confused or struggling to cope in your role as executor, we are here to help you through this difficult time. At The Jonathan Lea Network, we can assist you whether your loved one passed away with or without a Will.
We offer an honest and cost effective service and would encourage you to book a free 20-minute initial consultation to discuss matters generally. This will allow us to provide you with
a personalised cost estimate before starting any work.
We will offer you the option to do as much or as little as you would like to do yourself, especially if you are conscious of costs. We can handle the entire administration of the estate or simply the application for the Grant of Probate or Grant of Letters of Administration – the choice is yours.
We also do not charge a percentage of the gross value of the estate in addition to our fees. We believe in transparency and fairness for all of our clients. We genuinely care about our clients and providing you with the best option to suit your personal needs.
We offer an initial no cost no obligation 20-minute video call to discuss your circumstances. To book this please send an initial email to email@example.com (with a brief description of the matter) and one of our team will liaise with you to fix a time to speak to an appropriate specialist and send you a calendar invite accordingly.