Administer an estate

Collect, value and distribute an estate from first meeting to final accounts.

1. Meet the executors and get the will
2. Run ID and AML checks on the executors (Supervisor signs off)
3. Value assets and debts at the date of death
4. Work out and report inheritance tax. Most people forget this: Inheritance tax is due by the end of the sixth month after death, and interest runs after that, often before the grant.
5. Apply for the grant of probate
6. Close accounts and collect in the assets
7. Place notices for unknown creditors and wait two months. Most people forget this: Without Trustee Act section 27 notices, executors can be personally liable to a creditor who turns up after distribution.
8. Prepare the estate accounts (Partner signs off)
9. Get executors to approve the accounts (Executor signs off)
10. Pay out to the beneficiaries

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