Estate Administration

Estate administration involves collecting assets, paying debts, dealing with taxes, and distributing the remaining estate to beneficiaries. This complex process requires careful attention to legal requirements and deadlines.

What Our Estate Administration Solicitors Do

• Complete Estate Management: Full service from probate application to final distribution
• Asset Collection: Gathering all estate assets including property, investments, and personal effects
• Debt Settlement: Identifying and paying all legitimate estate debts
• Tax Management: Inheritance tax returns, income tax, and capital gains tax
• Property Sales: Managing property sales and transfers
• Investment Management: Dealing with shares, bonds, and investment portfolios
• Beneficiary Communication: Regular updates and transparent reporting
• Final Accounts: Detailed accounting of all estate transactions

Types of Assets We Handle

Real Estate:

• Residential and commercial property
• Joint tenancy and tenancy in common
• Overseas property and international assets
• Leasehold interests and ground rents

Financial Assets:

• Bank accounts and building society funds
• Stocks, shares, and investment portfolios
• Pension benefits and death in service payments
• Life insurance policies and investments
• Premium bonds and government securities

Business Interests:

• Partnership interests and business assets
• Company shares and directorships
• Professional practices and goodwill
• Agricultural property and farming businesses

Estate Administration Timeline

Months 1-3: Initial Phase:

• Obtain grant of probate/letters of administration
• Register death with all relevant institutions
• Secure and value all estate assets
• Open estate bank account

Months 4-9: Collection Phase:

• Collect all cash assets and investments
• Sell property if required
• Pay inheritance tax and other taxes
• Settle outstanding debts and liabilities

Months 10-12: Distribution Phase:

• Prepare estate accounts
• Obtain beneficiary approvals
• Make interim and final distributions
• Close estate and provide final accounts

Common Estate Administration Challenges

• Missing Assets: Locating unknown bank accounts or investments
• Property Issues: Dealing with unmortgaged or problem properties
• Business Valuations: Complex business asset valuations
• Tax Complications: Inheritance tax investigations and disputes
• Family Disputes: Managing disagreements between beneficiaries
• International Assets: Cross-border estate administration
• Insolvent Estates: When debts exceed assets

Estate Administration Fees

Fee Structures:

• Percentage of estate: 1-5% of gross estate value
• Fixed fees: £2,000-£10,000 for straightforward estates
• Hourly rates: £200-£600 per hour
• Hybrid approach: Combination of fixed and percentage fees

Additional Costs:

• Probate court fees: £273
• Property valuations: £300-£800
• Property sales costs: 1-3% of sale price
• Accountancy fees: £500-£2,000

Why Choose SolicitorConnect for Estate Administration

• Complete Service: Full estate administration from start to finish
• Experienced Team: Specialists in complex estate management
• Transparent Reporting: Regular updates and clear accounting
• Tax Expertise: Inheritance tax specialists and HMRC experience
• Family Focus: Sensitive handling of family dynamics
• Professional Networks: Connections with valuers, auctioneers, and other professionals

Professional estate administration ensures legal compliance and maximizes the estate value for beneficiaries.

This information is for general guidance only and does not constitute legal advice. For specific legal advice tailored to your situation, please consult with a qualified solicitor.