Jackson Quinn would be happy to assist you in the administration of an Estate whether you have been appointed as Executor under a Will or would wish to act as Administrator under the Intestacy Rules. Whether there is a Will or not the person dealing with the Estate is under a legal duty to maximise the assets, minimise the liabilities and distribute as much as possible to the persons entitled to a share of the Estate.
After the death of a friend or a relative, it will be necessary for their Estate to be dealt with. If the deceased left a Will, then this will set out who they have appointed to be the Executor and Trustee of their Will. If you have been appointed as the Executor then we can advise and assist you in relation to this role and the process of applying for and obtaining a Grant of Probate. During this process, we will assist you to ascertain the value of the Estate, apply for the Grant, collect in the assets, pay debts, finalise any tax affairs, transfer property and prepare Estate Accounts and thereafter distribute the Estate to the beneficiaries.
If the deceased died intestate, we will discuss with you who can apply to take on the role of Administrator and assist you in applying for a Grant of Letters of Administration. Again, this would involve assisting you to value the Estate, apply for the Grant, collect in the assets, pay debts, finalise any tax affairs, transfer property and prepare Estate Accounts and thereafter distribute the Estate in accordance with the Intestacy Rules.
There may be occasions when other issues arise and we can also advise in relation to the following:-
• What to do if a person doesn’t wish to act as an Executor or an Administrator.
• What to do when a beneficiary has died.
• How to trace a missing beneficiary and how to invest their share of the Estate in the interim period.
At Jackson Quinn we appreciate that dealing with the Estate of a loved one after their death can be complicated and stressful and will deal with the Estate sympathetically, keeping you updated at every stage of the process.
Some common legal terms:
• Administrator – a person appointed by the Court to administer an estate where the deceased didn’t leave a will or if the persons appointed to act under the will are unable or unwilling to do so.
• Beneficiary – someone who inherits under a will or intestacy.
• Executor – a person appointed by a Will to administer an estate.
• Executrix – a female executor.
• Grant of Probate – legal document confirming an executor’s authority to deal with an estate.
• Grant of Letters of Administration – legal document confirming an Administrators’ authority to deal with an estate.
• Guardian – someone appointed under a will to look after children under the age of eighteen.
• Inheritance Tax Threshold – the amount above which Inheritance Tax will become due. If the value of the estate falls below this threshold (taking into account lifetime gifts etc.) no Inheritance Tax will be due.
• Intestacy Rules – the formal rules laid down by statute setting out who is entitled to deal with and benefit from an estate where the deceased did not make a will.
• Intestate – someone who dies without making a will. The deceased’s estate will be dealt with under the Intestacy laws.
• Personal Representative – person appointed to deal with an estate. If they are appointed by a Will they are known as an Executor. Where there is no will they are appointed by the Court and are known as an Administrator.
• Residuary Estate – the deceased’s estate after all assets have been collected in and debts paid.
• Testator/Testatrix – person who makes a will
• Trust – where one or more people (trustees) hold property on behalf of others (beneficiaries).