The process for administering the estate is pretty straight forward, but it can sometimes take some time to complete – it’s not unreasonable to expect around 6 months. This is especially the case where there are property assets that need to be sold or you may discover assets or unexpected debts along the way:
- Collect all the assets
- Pay the bills and taxes
- Distribute the net assets
If you are not able to identify the creditors from the deceased’s accounts then you might need to advertise in the local newspaper.
All transactions should be recorded and it is a good idea to set up a special executor’s bank account. The tax authorities have the power to do spot checks and so you must ensure everything is accounted for, so collect receipts from everyone including people who are receiving money.
For property you must register the change of ownership of the property with the Land Registry using form AS1.
Usually a will nominates how people should receive the residue of the estate and they should receive a full set of accounts to show how the estate has been administered.
