Estate Administration Process
If we have been identifed as an executor of a will, the first thing we will do is to arrange a family meeting with other executors and beneficiaries.
Depending on the value of the assets of the Estate, we would then need to apply for Probate or Letters of Administration via the High Court. To do this we will need a copy of the death certificate and may also require affidavits (sworn statements) and other documentation. Once probate has been granted, we can then deal with administering the estate according to the wishes set out in the will. This may include selling assets such as the family home, closing bank accounts, selling shares and arranging for the transfer of ownership of any specific items listed in the will. Any debts such as credit cards, hire purchases, mortgages need to be repaid from the assets of the estate before a distribution can be made to the beneficiaries.
There are many steps involved, and each situation is different depending on the value of assets, whether or not property is owned jointly, whether any bequests have been made and whether or not a trust is involved.
For more advice in this area, please contact one of our Estates team.