This blog explains the stages and timescales involved when you are the executor of someone’s affairs and have a legal responsibility to administer their estate.
Stage one
- Arrange valuations of all assets and obtain details of all liabilities, both held in the sole name and jointly owned. 8-12 weeks
- Obtain income information for Income Tax Return to date of death. 8-16 weeks
Stage two
- Prepare HM Revenue & Customs (HMRC) Inheritance Tax account and Oath for Executors or Administrators. 2 weeks
- Arrange for the papers to be signed and Oath sworn by Executors or Administrators. Dependent on Executors availability
- Arrange to fund and pay Inheritance Tax, where applicable, and submit Inheritance Tax account (within six months of death) and obtain HMRC receipt to include receiving receipted Probate Summary. 4-10 weeks
- Submit HMRC receipt and await issue of Grant of Probate or Letters of Administration (Grant of Representation). 2-3 weeks
- Assess pre-death Income and Capital Gains Tax position and, where necessary, submit Income Tax Return to date of death. Ongoing, dependent on HMRC
Stage three
- Register Grant of Representation and collect assets. 6-8 weeks
- Pay liabilities, legacies and where appropriate, make interim distributions. 4-8 weeks
- On sale of freehold or leasehold properties, pay outstanding Inheritance Tax, finalise utilities and where applicable, make further interim distributions. Dependent on the property sale
Stage four
- Finalise Inheritance Tax position, deal with HMRC requisitions, submit Corrective Account and loss on sale claims where applicable and obtain clearance. 9-12 months dependent on HMRC
- Commence closing administration of estate to include preparation of administration period Income Tax Return, prepare Tax Deduction Certificates and obtain HMRC clearance. Dependent on HMRC
- Finalise Estate Accounts and obtain Executors and beneficiaries approval of the Estate Accounts and indemnities, and make final distributions. 6-10 weeks
Contact Moore Barlow
Our team of experienced estate planning lawyers are here to guide you through every step of the way of estate planning, ensuring that your assets are protected and your wishes are carried out.
At Moore Barlow, our skilled estate planning solicitors have successfully helped many clients to plan for their future confidently, so that you feel as though you have control over your assets and who they’ll be passed onto. We can also help you to set up trusts so that you know what your money will be used for and attempt to minimise the amount of inheritance tax with the right strategy in place.
