Why would you use a Solicitor for Estate Administration?
24 July 2024 | Wills, Trust & Probate |
Using Fishers for estate administration following the death of a loved one can offer huge benefits, ensuring that the process is handled correctly, professionally and efficiently. Although it may seem easy and straight forward for some, some of the key advantages of using Fishers are:
- As solicitors, we possess extensive knowledge of the area of law and the estate administration procedure ensuring compliance withal legal requirements. Could you do that? We are able no navigate complex legal issues such as dealing with contentious Wills or unclear estate documentation that you may struggle with.
- Administering an estate can be very time consuming and sometimes very stressful and it can be very helpful, if during the period of grief, Fishers can take on this burden and relieve you of the stress. We of course handle all necessary paperwork and communications with everyone concerned and keep Executors up to date. Because of our experience in handing estates, we can expedite the process which reduces delays, often caused by errors being made in forms or misunderstandings. This means beneficiaries can be in receipt of assets and money in a quicker timeframe.
- Using third party providers, Fishers carry out searches of all relevant financial institutions to check if the deceased had additional bank and building society accounts and/or shares which may be unknown to the family left behind. This can often prove fruitful, realising further assets for the estate and ultimately the beneficiaries.
- Fishers will always ensure an accurate valuation of all the estate assets together with all liabilities providing a clear picture of the estate’s worth. We facilitate the fair and legal distribution of assets according to the Will (or intestacy rules if that is applicable) minimising any disputes among family members and beneficiaries.
- Our experienced solicitors at Fishers offer basic advice on any Tax implications such as inheritance tax, capital gain tax and any other relevant taxes potentially reducing the tax burden on an estate. We ensure timely and correct submission of tax returns and their payments avoiding any penalties. If we need to have any assistance at this point from Accountants or Financial Advisers, we will engage them as necessary.
- As you may expect, engaging a solicitor provides a level of professional liability and accountability and we ensure that all regulations and high standards are adhered to. If disputes arise, we can mediate or represent the estate in legal proceedings seeking resolutions that protect the estate’s integrity. Often these factors which arise are not always apparent at the very beginning and can cause permanent family fallouts and breakdowns causing Executors more harm and distress.
- For estates with complex elements such as a business or foreign assets and trusts, Fishers Solicitors offers specialised knowledge to handle these aspects of estate administration appropriately. We will coordinate with other professionals such as accountants or financial advisors to manage complex financial matters.
- Fishers like all Solicitors are bound by professional codes of conduct and confidentiality ensuring that sensitive information about the estate, the deceased and the beneficiaries is handled discretely. The same would not be true of a lay Executor handling the estate where knowledge regarding financial payments may not be kept behind closed doors.
- Fishers will provide continuous support and advise even after the estate administration process has been completed, assisting with any residual issues or ongoing trust administration work if that’s applicable.
- By instructing Fishers for estate administration this will significantly give Executors peace of mind knowing that the estate administration will be handled correctly and efficiently.
