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Estate administration is the process of dealing with the legal and tax affairs of someone after they’ve died. This means that you could be responsible for taking control of the ownership of their assets (such as the family home, savings accounts and personal possessions), paying debts and paying any taxes (Usually Income Tax and Inheritance Tax). Whatever’s left is transferred to beneficiaries according to the laws of intestacy or their will if they made one.
Normally when an individual draws up a will, it will include one or more named executors. When the individual dies, the executor(s) of the will are accountable to deal with the subsequent estate administration. If the executors are unwilling or unable to act, if the will does not name any executors, or if there is no will at all, then an administrator takes responsibility for the estate.
With some banks and solicitors charging between 3% and 6% of the value of the estate Probate can appear to be very expensive. It need not be.
The whole process can be extremely complex and is required after every death, whether or not there is a Will.
Depending on your individual requirements Kingsman Associates can provide a fixed price Estate Administration service that fits in with your needs and your budget.
Our specialists will take the time to speak with you and learn about the details of the estate. We will ask questions like, is there a Will? Does the estate include property? Is there a surviving spouse? These questions will help us provide you with an accurate, fixed price quote using our bespoke software. We will never charge you for your time to receive our fixed price quote.
For more information on our Probate services please contact us for a free, no obligation discussion.