What Does Administration Of An Estate Mean?
When a person passes away, their personal possessions, assets and wealth is accounted for in what is known as an estate. Personal possessions and assets can include cars, furniture, jewellery, collectibles, clothing, art and books. Wealth usually refers to any savings, investments, trust funds and property.
Administration of an estate simply means that someone organises and distributes possessions and wealth to any beneficiaries, and pays off any debts.
When A Will Has Been Written
If a will has been left in place, the administration of an estate is the responsibility of the person named in the will. If you’re called to administer the estate of a loved one or friend, you might find the process a little overwhelming, especially during an already painful time. Seeking legal guidance from our Estate Planning team will reduce the weight on your shoulders and make certain that the wishes of your loved one are handled correctly.
When A Will Hasn’t Been Written
Many people don’t write a will during their lifetime and when they pass away, they’re said to have died intestate. If this happens, the person’s estate will be administered and assets distributed by the legal system, only if the sum of their property is greater than their debts. Under this circumstance, usually the only people who can directly inherit are married or civil partners, along with children, grandchildren and great-grandchildren.
When there’s no will in place, someone (often the next of kin) will be appointed limited power over the estate after receiving a court-issued document called a grant of letters of administration.
How Can Quinn Legal Help?
We recognise that administering an estate can be an emotionally-exhausting time. Our advocates offer support throughout this process and are here to make your life easier.
- Give general advice to explain estate administration and guidance to minimise stress
- Assist with funeral arrangements
- Review the value of the possessions, assets and wealth in the estate
- Manage outstanding taxes and other tax affairs
- Handle property, dealing with insurance companies about unoccupied property
Get In Touch Today
Alternatively, you can fill out our handy online enquiry form and one of our team will be in touch within 24 hours.