Comprehensive Trust & Estate Administration Service
Property Transfer after Death With or Without Will
Determining the Share of Legal Heirs
Succession Planning of Assets
if someone dies without a will who inherits their property?
Transfer of Assets after Death
We can provide a customized, professional and cost-effective service to meet a client’s personal needs.
It is a very difficult time for family and friends when a loved one dies. Some families benefit from a loved one who had an estate plan in place prior to their death, making estate administration easier for the living relatives. Others must deal with the death of a loved one who died without having a plan in place. However, even if there was a Will or Trust in place, the administration of an estate can be very daunting for those unfamiliar with the process.
After the death of a loved one, our expert team assist’s relatives to sort out the matters of the deceased and wind up the estate. We can act as executor or administrator, freeing executors and beneficiaries of this responsibility. We’ll help ensure the estate is administered efficiently, quickly and correctly. We offer comprehensive estate administration and fiduciary services to trustees and executors and we work closely with financial advisors and other professionals who serve them.
Each case is handled personally by a member of our estate administration team, who will give beneficiaries expert support and handle the administration process efficiently, impartially and sympathetically, in the best interest of the beneficiaries.
We handle every aspect of the administration regardless of its complexity. Our service includes:
- Establishing and assessing the value of the estate
- Preparing the appropriate Inheritance Tax accounts and forms
- Applying for the Grant of Probate
- Collecting the assets and dealing with creditors
- Settling the deceased’s income and capital gains tax liabilities
- Administering assets at home and abroad, such as property and businesses, until they can be sold or transferred
- Transferring legal titles to assets to the beneficiaries
- Preparing the estate income and capital gains tax return and settling the tax due
- Providing tax information to the residuary beneficiaries
- Preparing comprehensive estate accounts
- Providing beneficiaries with expert support throughout the administration and guidance on tax and investment issues once they have received their inheritance.
We also provide extensive estate administration services, as either the appointed executor or as the assistant to the executor:
- Interpreting the will
- Determining beneficiary entitlements
- Obtaining probate
- Transferring assets and paying debt
- Preparing tax returns
- Preparing financial statements
- Obtaining letters of administration
- Interpreting intestacy law
A trust is essentially a contractual relationship in which assets are given from the Grantor (the person creating the trust) to a Trustee (typically the same person creating the trust while they are still living).
The Grantor appoints the Trustee to administer the trust. The Grantor also names a successor Trustee to act should the initial Trustee become unable or unwilling to serve as Trustee. After the initial Trustee dies, the successor Trustee is responsible for administering the trust and has the responsibility of distributing the assets to the beneficiaries named in the trust. The successor Trustee has the obligation to protect the assets of the trust as well as the interests of the beneficiaries named.
Along with distributing the assets of the trust, some other duties of the successor Trustees include:
- Prepare an inventory of assets owned by the Trust including their value as of the decedent’s date of death
- Close the existing bank accounts
- Open a trust bank account
- Collection, management, and investment of trust assets
- File life insurance claims
- Obtain appraisals for properties
- Handle tax filings
A Trustee can be held liable for loss or damages to the estate if they exceed their Trustee powers. Many strategies and tools to help minimize taxes are often overlooked by Trustees who are less familiar with the Trust Administration process.
We understand that the distribution of a family member's estate can be draining and emotional. To relieve some of the stress, our Nexgen Estate Planners will walk you through the legal process at your pace. We have represented a variety of clients, some with very high-value estates and some with more modest ones, and we have helped them talk openly about their concerns to ensure that the estate administration process goes as smoothly as possible.
We have a comprehensive understanding of estate administration laws and will make sure your best interests are met. Contact us by email @ firstname.lastname@example.org or Fill the Form below to set up a free consultation.
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