Responsibilities When You Are Granted Letters of Administration
When a loved one dies intestate, you will need to apply for letters of administration to gain access to the deceased’s bank accounts and other assets. The application is straightforward enough. However, the responsibilities that come with dealing with a loved ones estate may not be so straightforward, especially when you are still grieving. Only you can decide whether you would be able to cope with doing it all yourself.
Once you are granted letters of administration, you will need to find all the assets belonging to the estate. You will also need to pay off any debts owed by the deceased and discover whether they have any debts owing to them. You will then need to chase those debts up.
Next you will need to find out who is entitled to the deceased’s assets, by checking the rules of intestacy. This alone can be difficult because even though the rules of intestacy are set out by law, some family members may feel that they have not been sufficiently provided for. They may have the right to appeal and this can cause stress and conflict, if you have to deal with it all yourself.
Dealing with a relative’s affairs when they have died intestate is far more complicated than if they have left a will. It really is a huge burden, and in some cases it can drag on for years. Then when you have finally dealt with everything, you will need to calculate inheritance tax owing, and deal with Her Majesty’s Revenue and Customs, before you distribute the deceased’s assets.
All this can be far too much for most people to cope with and if you are not confident that you can cope with it, it would be wise to seek legal assistance, before you apply for letters of administration. But if you are worried about the expense of having a solicitor deal with the estate, it may be worth seeking advice and assistance from a probate specialist such as IWC; who offer fixed fee probate services. That way, you will know the exact fees upfront and you won’t have to worry about running up massive hourly charges.
If you are still not sure whether you want to deal with your loved ones estate, it is worth finding out how complicated your case might be. IWC Probate Specialists will be happy to give you free advice. You will then be able to decide whether you want to apply for letters of administration yourself, and handle your loved ones financial affairs. Call now on 0800 612 6105.