ADVICE: Dealing With An Estate

When a person dies, somebody has to deal with their estate, collect in their money, property and possessions, pay any debts and then distribute the estate to those entitled to it.

Age UK have produced a detailed factsheet providing general information for personal representatives on how to carry out their duties. It also includes information on what happens if someone has not left a will.

Download the Factsheet (pdf file)

The full factsheet contents are listed below:

1 Recent developments 4

2 Find out if there is a will 4
2.1 If there is no will 4

3 Dealing with the estate 4
3.1 If there is a will 4
3.2 If there is no will 5
3.3 How to apply for grants of representation 5

4 Things to think about if you do it yourself 5
4.1 What happens if you take responsibility? 5
4.2 Family relationships 6
4.3 When do you not need to apply for probate or administration? 6
4.4 Complicated estates 6
4.5 Finding a probate specialist 7
4.6 How much do probate services cost? 7

5 How to work out the value of an estate 7
5.1 Why you need to value the estate 7
5.2 How to value individual assets 7
5.3 Valuing jointly owned assets 8
5.4 Not sure if land or property was jointly owned? 8
5.5 Joint bank accounts 8
5.6 Other joint assets 8
5.7 What debts form part of the deceased’s estate? 9
5.8 What else forms part of the estate? 9
5.9 What does not form part of the estate? 9

6 Inheritance tax 9
6.1 Additional threshold 10
6.2 Transferring the nil-rate band 11
6.3 Gifts exempt from IHT 12
Age UK factsheet 14 August 2017
Dealing with an estate Page 3 of 24
6.4 Inheritance tax reliefs 12
6.5 Arranging payment of IHT 12
6.6 Deeds of variation 12

7 How to apply for grant of representation 13
7.1 Application forms 13
7.2 Information required about the estate 13
7.3 Submitting the application 14
7.4 The interview 14

8 Settling the estate 15
8.1 Collect in the assets 15
8.2 Paying any debts and outstanding expenses 15
8.3 Distributing the estate 16
8.4 Possible claims on the estate 16
8.5 Problems with executors or personal representatives 16

9 Intestacy 17
9.1 What are the rules of intestacy? 17
9.2 Grandchildren and great grandchildren 17
9.3 If there are no surviving relatives 17
9.4 Rearranging the way the estate is shared out 17
9.5 Applying for financial help 19
9.6 Rejecting your inheritance 19

Download the Factsheet

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