The process of dealing with the administration of an estate can be a difficult one for both family and friends in time of bereavement.
Assets and liabilities need to be ascertained, debts paid and the estate distributed in accordance with the will or under the intestacy rules. To do this, it is often a legal requirement to first obtain a grant of probate or grant of letters of administration. It is then that the estate can be fully administered. An estate may include assets such as a house, bank accounts, insurance policies and stocks and shares.
It is the responsibility of personal representatives (executor or administrator) to collect the various assets; realise funds; pay any liabilities such as funeral expenses, IHT and income tax and utility bills; locate beneficiaries and distribute the estate.
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