ESTATE ADMINISTRATION SERVICE
HANDLED WITH CARE
LET US DEAL WITH THE COMPLEXITIES OF ESTATE ADMINISTRATION.
Our Estate Administration Service is designed to alleviate the stress and burden of dealing with the complexities of administering the Estate of a deceased individual.
Our experts work closely with all concerned, handling every detail sensitively and impartially and in the best interest of all the beneficiaries.
Our approach to Estate Administration
- Free initial call or meeting with a Bereavement Manager who will explain the service without any obligation.
- We deal with all the financial, legal, tax and personal matters – even rehoming pets.
- Any fees will be paid from the Estate.
- A dedicated Estate Officer will keep you informed every step of the way.
- Our secure online customer hub allows all involved to keep track of the Estate Administration.
- We can act when we are appointed as an Executor under the terms of a Will, or where an existing Executor does not feel able to act or where there is no Will in place.
- The gross value of the Estate must be over £80,000. This may include cash, valuables, investments or property.
- You do not have to be an existing customer to use our service.
Our 10 steps to administer an Estate
Straightforward Estates may take up to year to administer, a more complex one may take longer.
In either case your dedicated Estate Officer will keep you informed every step of the way.
Not all steps apply.
Following our initial call or visit, and once we have received all the Estate paperwork, you will receive a letter of introduction from your Estates Team. This will contain the names and direct telephone number of the Estate Manager and Estate Officer administering the Estate.
We will also write to all the companies, organisations and government agencies involved in the administration process to determine the full extent and value of the Estate assets and liabilities. Additionally, we will write to all Beneficiaries to outline their position within 10 to 15 working days.
2. Initial Activities - 1–2 months (from day 1) Initial Activities - 1–2 months (from day 1) expandable section
Dealing with property
If there is a property to be sold or transferred, we will arrange any necessary valuations and where appropriate appoint an Estate Agent. We will also instruct appropriate conveyancing professionals and will notify you, any Co-executors and other Beneficiaries of offers received on the property where relevant. In Scotland, we will not be able to place a property on the market until Confirmation has been issued (stage 4).
At this stage, we may need to identify further Beneficiaries. We will discuss some of the bequests and the distribution of other Estate assets such as cars and other personal effects with you. If you want us to consider transferring assets to you, you should let us know at this point.
In England and Wales only:
We will place Statutory Notices to identify creditors unless we are acting as Administrator. If this is the case these notices cannot be advertised until the Grant of Representation has been issued, which can delay distributions (stage 6).
3. Inheritance Tax Calculation - 2–6 months (from day 1) Inheritance Tax Calculation - 2–6 months (from day 1) expandable section
We will submit an account of all assets (including joint and nominated assets) and any relevant gifts and liabilities to HMRC. At this point, the initial amount of Inheritance Tax (IHT) is paid (excluding IHT on any assets, which can be paid in instalments).
By law, we need to obtain a receipt from HMRC before we can apply for the Grant of Representation, regardless of whether tax is payable on the Estate. We are reliant on HMRC to provide us with the receipt and delays may occur at this stage.
4. Obtaining Grant Of Representation (Confirmation in Scotland) - 2–6 months (from day 1) Obtaining Grant Of Representation (Confirmation in Scotland) - 2–6 months (from day 1) expandable section
For Estates in England and Wales we can now apply for the Grant of Representation and submit the Will and other relevant documents to the Probate Court.
In Scotland we will apply for Confirmation and present the necessary paperwork to the Sheriff Court.
You will receive details of the Estate assets and liabilities, together with an estimate of your likely inheritance.
5. Collecting Assets And Settling Liabilities - 5–6 months (from day 1) Collecting Assets And Settling Liabilities - 5–6 months (from day 1) expandable section
Once we have obtained the Grant of Representation (Confirmation in Scotland) we will send copies to the companies involved in the Estate administration to collect monies due to the Estate and settle all liabilities.
In Scotland, we will be able to instruct the appropriate professionals to deal with the sale of any property.
6. Initial Distributions - 5–6 months (from day 1) Initial Distributions - 5–6 months (from day 1) expandable section
Provided we are satisfied that all potential claims have been settled, we will pay any legacies and make interim distributions to the Beneficiaries, keeping an appropriate reserve.
Where a property is to be transferred, we will arrange this and ensure that it is valued and registered with the Land Registry if necessary. In Scotland, this will be no sooner than six months from the date of death.
If any claims are made against the Estate, this can delay the administration.
7. Income Tax Clearance - 6–7 months (from day 1) Income Tax Clearance - 6–7 months (from day 1) expandable section
We will have collated all the information needed for the final income tax return, which is finalised to the date of death. Unless appropriate professionals have been separately appointed, we will handle everything involved in submitting the tax return.
8. Inheritance Tax Clearance - 6–9 months (from day 1) Inheritance Tax Clearance - 6–9 months (from day 1) expandable section
Once we have established all Estate assets and liabilities and finalised the income tax position to the date of death, we will submit a final account schedule to HMRC.
This specifies any amendments to the Estate assets and liabilities previously declared, enabling HMRC to calculate the final IHT bill. We will settle the bill and receive any refunds due.
9. Dealing With Overseas Assets - At least 12 months (from day 1) Dealing With Overseas Assets - At least 12 months (from day 1) expandable section
If the Estate contains overseas assets, where possible we will deal with the legal formalities in the country in question and instruct the appropriate professionals. This can be a complex process and is likely to delay completion of the Estate.
We can only deal with overseas assets once we have obtained the Grant of Representation (stage 4).
The Estate will be liable for Administration Tax (income and capital gains tax) for the administration period. This can only be calculated and submitted to HMRC once we have finalised all stages of the Estate administration. We will need to calculate the tax and submit the appropriate tax returns.
Estate Administration Statement
We will send a full statement of the Estate assets and liabilities to all relevant parties, together with all final distribution payments. We will also send appropriate tax vouchers if required.
“At Lloyds Estate Administration, we remove the burden of dealing with a deceased person’s affairs. Everything we do is carried out with compassion, sensitivity and respect. And we always act in the best interest of beneficiaries.”
Contact us for a personal introduction
Talk to one of our specialist Bereavement Advisors.
Call us on:
0800 096 8560
Lines are open Monday to Friday, 9am – 5pm excluding bank holidays. Calls may be monitored and recorded. Calls cost may vary depending on your service provider.
Our Estate Administration Service is available where we are appointed as an Executor under the terms of a Will, where an existing Executor does not feel able to act or where there is no Will in place.
You do not have to be an existing customer to use our service. The gross value of the Estate must be over £80,000. This may include cash, valuables, investments or property.
Important Legal Information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.