Estate Administration – Lifting the Legal and Financial Burden

Being asked by a friend or relative to oversee their estate can be a great honour, but people often underestimate how much responsibility the position holds.
Handling a loved one’s Will after they have passed away isn’t always simple – particularly if the estate is large or complicated. Many people do not have a clear understanding of what the job entails and more importantly, they are not always aware of the financial and legal responsibilities that come with the role.
As a personal representative, you are responsible for the correct distribution of a deceased person’s estate. This means you must correctly value the assets and debts, complete relevant Inheritance Tax forms, calculate Income Tax for the year of death and the period post-death, and set up any trusts that may be in a Will.
You’ll also need to check whether the deceased person was mis-sold PPI or any credit or loan. Many PPI claims have now been paid out, but a substantial proportion of the remainder is potentially owed to deceased estates. With the 29 August deadline for PPI compensation claims rapidly approaching, those handling the estate need to be rigorous in checking if such a claim exists.
The overwhelming majority of respondents to a recent survey didn’t know that it is possible to claim mis-sold Payment Protection Insurance (PPI) on behalf of a deceased relative (Which? PPI misconceptions survey, 2019).
A multitude of other complications can arise when dealing with an estate, such as discovering missing beneficiaries or coming across foreign shares or funds. Additionally, delays can be caused by HMRC and the Department of Work and Pensions. Personal representatives can be held personally liable for any errors or misdistribution, so it’s important that the estate is properly dealt with.
Dealing with a deceased person’s estate is not always straightforward which is why some people will turn to a professional for help. Professional estate administration providers have the expertise to navigate the challenges and ensure that an estate is correctly distributed to beneficiaries.
A professional estate administration provider can help you understand what needs to be done following a bereavement. They can also take care of the estate administration on your behalf, lifting the legal and financial burden of handling a loved one’s estate. Some providers will even take on the legal and financial responsibility themselves, removing stress at a time that may already be difficult.
If you are dealing with an estate or would like to discuss appointing a professional estate administrator to deal with your own estate when the time comes, seek advice.
 To receive a complimentary guide covering Inheritance Tax Planning, Wealth Management or Retirement Planning,, please contact Pardeep Singh Narwal of Narwal Wealth Management Ltd on 0116 242 6777 or email [email protected]
Will writing involves the referral to a service that is separate and distinct to those offered by Narwal Wealth Management Ltd. Wills and Trusts are not regulated by the Financial Conduct Authority.