Introduction to deceased estates

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

The administration process

When a person dies, their personal representatives have a duty to administer their estate. This includes ascertaining the details of the assets and liabilities in the estate at the person’s date of death, including any liabilities to income tax or capital gains tax in respect of transactions occurring before death. They may then need to complete an inheritance tax account (and pay any inheritance tax due) and apply for the grant of representation which is proof of the personal representatives’ legal authority to perform the role.

Once the grant is obtained the personal representatives have a duty to collect all of the assets, settle the liabilities of the estate (including income tax and capital gains tax charges which have arisen during the period of administration), agree the estate figures with HMRC for inheritance tax purposes and then distribute the remaining estate in accordance with either the terms of the Will or, where there is none, the rules of intestacy. It is worth noting now that if the liabilities of the

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