Fergusson Law's solicitors aim to de-mystify the procedures involved, and administer an Estate quickly and efficiently for a fixed fee.
The administration of an estate typically includes the following elements:
- Checking funeral arrangements, and establishing whether there is a valid Will or whether the laws of intestacy apply.
- Ascertaining the assets and liabilities of the estate and obtaining valuations if required; preparing an inventory of assets; drafting the application for Confirmation and associated Inheritance Tax Return; submitting drafts of all forms to the executors for approval; and preparing final versions for signature.
- Where a full Inheritance Tax Return is required, submitting the necessary Forms to HM Revenue and Customs; raising or borrowing cash with which to pay inheritance tax if necessary; and paying any inheritance tax due.
- Lodging the Application with the Sheriff Court and obtaining Confirmation.
- Intimating Confirmation to the asset holders and collecting in the estate; and, where appropriate, negotiating the value of the estate with HM Revenue and Customs on behalf of the executors.
- Paying the debts of the estate and, where appropriate, adjusting the inheritance tax liability; distributing the estate in accordance with the Will or the laws of intestacy; preparing executry accounts for approval by the executors; maintaining executry records; and generally attending to all work required to complete the administration of the estate.
- Dealing with income tax and capital gains tax issues relating to the period of administration, including submission of tax returns if required, and provision of tax certificates to beneficiaries.
- Legal and tax advice to the executors as and when required.
Remember that we will quote you a fixed price for this work.