Estate planning or estate administration refers to the process of handling the legal, financial and personal tax affairs of someone who has passed away.
The aftermath of a loved one’s death can be a distressing time, let alone with the added burden of having to manage their estate. While you may consider administering the estate by yourself, this can take a significant amount of time and effort, and it leaves you personally liable for any mistakes made. We work closely with Clarke Willmott, Kings Court Trust and Pavilion Row who
are specialists in the world of probate and estate administration.
The first step is usually in obtaining a grant of probate (known as confirmation in Scotland) for the responsibility of dealing with all of the deceased’s assets and liabilities. Every estate varies, but you will also usually need to consider:
- Notifying beneficiaries and responding to questions
- Transferring assets to beneficiaries
- Redirecting post and cancelling or transferring utilities
- Dealing with Income Tax liabilities
- Distribution of assets to avoid or mitigate tax liabilities
- Calculating and paying Inheritance Tax where relevant
- Other specialist legal work
St. James’s Place have a selection of specialist estate administration service providers to support estate planning for McMillan Financial Advice. Please note that this service is separate and distinct to those offered by St. James’s Place.
If you would like to discuss your personal situation or find out more about estate planning services, please get in touch with us.
