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Estate Management

Estate Management

Processing the death of a loved one is hard enough, but sometimes you will be expected to deal with the administration of their estate, too.

This could include finding their will, valuing their assets and debts, applying for a grant of probate, paying taxes, and distributing assets to beneficiaries including family members.

Being a personal representative of an estate, whether as an executor or administrator can be incredibly trying, but you're not alone.

Our network of wills, trust, and probate lawyers is on your side to take the weight off your shoulders and ensure your legal responsibilities are met.

They can make the process of estate management as simple and stress-free as possible.

Contact us today for a free case evaluation and no-obligation quote for the services of a specialist lawyer.

• What is estate management?

• Do I need a solicitor to manage my estate?

• What does an estate management solicitor do?

• Benefits of hiring an estate management solicitor

• When do I need to hire an estate management solicitor?

What is estate management?

Estate management means managing everything a person owns when they die.

The process includes:

• Applying for a Grant of Probate if there is a will, or Letters of Administration if not.

• Valuing the estate. 

• Collecting and distributing the assets of the deceased as per the will.

• Paying any outstanding debts and taxes, including Inheritance Tax.

Whether a will was left or not will impact how an estate is managed.

If you're unsure, our wills, trust and probate lawyers can advise you on how to proceed.

Do I need a solicitor to manage my estate?

Legally, you don’t need a solicitor to manage an estate, however, a specialist solicitor can use their knowledge and expertise to ensure the correct level of tax is paid and that any will disputes or legal claims against an estate are handled correctly.

A solicitor can also take the pressure of executor duties off your shoulders and allow you to grieve for your loved one without the legal responsibility of managing their estate. 

What does an estate management solicitor do?

An estate management solicitor can:

• Advise personal representatives on the running of an estate.

• Apply for a Grant of Probate or Letters of Administration

• Provide advice about the role of executor and administrator.

• Value the estate and determine any debts.

• Interpret the will and distribute the assets as set out in the will.

• Explain what happens if someone dies without a will and help you follow the rules of intestacy.

• Manage the payment of probate fees from the estate, including income tax, inheritance tax, capital gains tax 

• Submit tax forms to HMRC.

• Handle any disputes between beneficiaries and family members or Inheritance Act claims.

Benefits of hiring an estate management solicitor

An expert estate management solicitor provides many benefits to a personal representative. Primary amongst these is the ability to offer clear and impartial advice to executors and administrators. 

A knowledgeable lawyer can also offer advice on probate and wills, and guide you on what to do when there is no will.

As a personal representative, you can be held liable for mistakes, therefore, instructing a trained solicitor who understands the intricacies of the estate management process can help manage an estate in line with the law.

When do I need to hire an estate management solicitor?

You don’t need to hire an estate management solicitor for every estate, but in some circumstances, the guidance of a professional solicitor can be beneficial.

You may require an estate management solicitor if:

• The estate is complex or high value.

• The estate is insolvent.

• Inheritance tax is due.

• Conflict arises between executors and beneficiaries.

• The terms of a will aren't clear or there are questions over the validity of a will.

• A person not named as a beneficiary makes an Inheritance Act claim.

• Assets are held in trust for beneficiaries under the age of 18.

There are no hard and fast rules for when you might need an estate management solicitor to support you with your role as executor or personal representative. However, if you are ever in doubt, it is worth seeking the help of a qualified wills, trust and probate solicitor to ensure you can move forward.

At Lawhive, we offer free case evaluations to help you understand how the services of a specialist lawyer can help you. Contact us today to schedule a call and get a free, no-obligation quote for help from an estate management lawyer.

Get fast, affordable estate management advice from Lawhive

At Lawhive, our network of dedicated wills, trust, and probate lawyers are experts in estate management and can help quickly in even the most complex estates.

We can take the weight off your shoulders at this difficult time allowing you space to grieve and remember your loved one.

Their professional advice and support has the added benefit of ensuring the estate is run properly within all guidelines. You will be able to breathe easily knowing that you won’t be personally liable for the estate management.

We also use our expertise to minimise any tax liabilities the estate faces.

Contact our expert Legal Assessment Team today to book your free case evaluation.