Preparing to instruct a professional estate administrator

After experiencing a loss, there are several essential tasks to address and accomplish. The responsibility for these tasks typically falls to the Executor(s) if there’s a Will, or Administrator(s) in the absence of a Will (known as intestacy). Regardless of the title, both roles entail the same duty: managing the legal and tax matters of the deceased. This process, known as estate administration, encompasses handling all assets, such as property, shares, and personal belongings, settling debts, paying taxes, and facilitating inheritance transfers.

Navigating the role of Executor or Administrator can exacerbate an already challenging time. Consequently, those tasked often seek assistance from professionals, like Will Writers, Solicitors, or specialised estate administration providers, to navigate the finalisation of their loved one’s or friend’s affairs.

Considerations when selecting a professional estate administration provider:

• Fees may be structured based on hourly rates or a percentage of the estate, potentially resulting in uncertain final costs. However, regulated firms must transparently disclose their pricing, informing you upfront of proposed charges.
• While the legal and financial responsibility typically rests with the Executor or Administrator, certain professionals may alleviate this burden from you.

When contemplating engaging a professional, it’s crucial to understand the precise services offered and the associated costs. Ensure to inquire about:

• Whether the service entails solely obtaining the Grant of Probate or encompasses the entire estate administration process.
• If the pricing structure is based on hourly rates or a percentage of the estate, verify the provider’s regulation for probate services and inquire about fixed pricing for clarity.
• Clarity on what is encompassed within the quoted price and what isn’t.
• Whether you retain the legal and financial responsibilities associated with the Executor/Administrator role.

Service providers may offer varied levels of involvement in the estate administration process. Some handle all tasks, while others solely secure the Grant of Probate, the legal document granting authority to manage the deceased’s assets. It’s essential to ascertain precisely what services are included.

Additionally, complications may arise during estate administration, and not all providers possess in-house capabilities to address them. Therefore, understanding how the professional will manage potential complexities in your loved one’s affairs is vital.

At Complete Estate Protection, we’ll be totally open with you as to the services we provide and the cost to you.

If you’re based near Middlesbrough or Teesside or in the areas of Stainsby, Normanby, Stainton and Billingham or anywhere in the surrounding area, we can assist with anything you may require please contact 01642 493101 or email info@ceprotection.com. Please click here to learn more about Wills. We also offer a Grant de Bonis Non service.