There are five main stages to administering an estate which need to be dealt with by the executor or administrator (also known as the ‘personal representatives’):
Investigating the estate. The personal representative(s) will need to ascertain the extent of the assets and liabilities in the estate and valuing it. This will involve contacting the deceased’s banks or building societies and liaising with other organisations such as National Savings and Investments, share registrars, pension or life policy companies etc. If the deceased owned a property then this will also need to be valued.
Applying for the grant and paying any inheritance tax that may be due. The HM Revenue and Customs forms that need to be completed will depend on the value of the estate and the deceased’s circumstances.
Collecting in the estate assets. Once the grant has been issued, the personal representatives will need to collect in the deceased’s assets. This will normally include closing their bank/savings accounts, selling shares and selling any property.
Paying the deceased’s liabilities.
Finalising and distributing the estate in accordance with the will or the laws of intestacy.