Do you need to know how to deal with the Estate of a loved one?
What is Estate Management? When someone dies everything they own is known as their Estate. Someone’s estate is made up from many things these include:
When someone dies their estate is something that needs to be dealt with. Any money owed has to come out of the estate first too.
The estate of the deceased usually is passed on to relatives, family or friends. It will be according to instructions put in the will or, if no will exists, using certain legal rules called, ‘the Rules of Intestacy’.
The person dealing with an Estate of someone who dies is known as the Executor or an Administrator.
An Executor is named in the will with the responsibility to deal with the estate. You may have to apply for a special legal authority before you can deal with an estate. This is called Probate.
An administrator is responsible for dealing with an estate under certain circumstance. This will be if there is no will or the executor doesn’t want to act. You may have to apply for letters of administration before they can deal with the estate.
The Executor or Administrator would be responsible for the following:
It is important to get the benefits, tax, national insurance sorted as soon as possible. You can cover those that need paying or get any owed back.
When people die in many cases there are debts like credit agreements that are still outstanding and need to be covered. Part of the process is to speak to the crediors for a claim from the estate.
If you are a named executor you need to apply for Probate. This is a legal document to give you the authority to share the estate out as per the will.
