What can make an estate complex
There are factors which may make the administration of an estate more complex these may result in a higher fee being payable as well as meaning that the estate taking longer than initially thought to administer.
Please see below examples of the things we know can add complexities to the administration of an estate; please understand that this list is not exhaustive but is provided as a guide:
- Where there is no valid will.
- Where as a firm we are required to register the death and or make the funeral arrangements.
- Where as a firm we are required to secure the house and or deal with mail redirection.
- Where as a firm we are required to rehome pets.
- Where the estate includes shareholdings, investments, overseas, farming and/or other business assets.
- Where there are liabilities that have to be dealt with on behalf of the estate.
- Where Inheritance Tax is payable.
- Where gifts have been made in excess of £3,000 in any one or more tax year during the 7 years prior to death.
- Where there are trusts created by the will, or trusts that are impacted by death or the terms of the will.
- Where necessary documentation is not in good order, or where there is missing information.
- Where there are beneficiaries whose legacy would need to be delayed, this may be because of insolvency, age or mental capacity.
- Where beneficiaries are difficult to find, reside overseas or have predeceased.
- Where any relevant property is unregistered at HM Land Registry or not registered in the deceased’s sole name (for whatever reason).
- Where the property (or any other asset) has to be insured and/or where access to the property is limited or has not been provided for the purposes of valuing the property and/or it’s contents.
- Where there is provision for household and personal goods are to be sold or their removal from the property is to be effected.
- Where the property is to be sold as part of the administration, rather than being transferred to a beneficiary or where there is a dispute as to what should happen to the property.
- Where there are disputes amongst beneficiaries, which need to be addressed and resolved to effect the administration of the estate, or where beneficiaries do not respond promptly to requests to produce ID, approve the estate accounts or generally when requested.
- Where there are inadequate cash funds in the estate to fund the disbursements or tax liabilities (possibility due to payment being necessary prior to the Grant of Representation being obtained). In these circumstances, the executors may need to arrange funding for these to be paid from the beneficiaries or from a third party source of credit.
- Where the estate is insolvent or where previously unknown creditors are identified following the issue of the Trustee Act Notices, which impact upon the administration of the estate.
- Where additional assets are identified by the executors after a Grant of Representation has been obtained.
- Where the executors or personal representatives do not provide their instructions promptly.
- Where an Executor has lost mental capacity and is unable to act in the capacity of Executor.