Taunton Solicitors Overview
It’s important to get it right
You may find yourself as a personal representative (an executor or administrator) you are legally responsible for the money, property and possessions of the person who died (the ‘estate’s assets’).
You are responsible for the assets from the date of death until the date everything has been passed on to the beneficiaries. This is known as the ‘administration period’.
You may have to apply for probate before you can deal with some assets.
During the administration period you may have to:
- pay any debts left by the person who died
- sell assets such as properties or shares
- pay tax on any income the estate generates
- report the estate value, income and tax liability to HM Revenue and Customs
Taunton Solicitors can provide professional legal advice and support you through this difficult time dealing with the probate and estate administration.
You may find yourself as a personal representative (an executor or administrator) you are legally responsible for the money, property and possessions of the person who died (the ‘estate’s assets’).
You are responsible for the assets from the date of death until the date everything has been passed on to the beneficiaries. This is known as the ‘administration period’.
You may have to apply for probate before you can deal with some assets.
During the administration period you may have to:
- pay any debts left by the person who died
- sell assets such as properties or shares
- pay tax on any income the estate generates
- report the estate value, income and tax liability to HM Revenue and Customs
Taunton Solicitors can provide professional legal advice and support you through this difficult time dealing with the probate and estate administration.
