When you’ve worked hard all your life, creating wealth and security for you and your loved ones, you want to be sure that your estate is inherited by the people who mean the most to you. As part of the process of making a Will, you have to appoint someone to carry out the estate administration. This person is known as your executor, and oversees the administration and distribution of any gifts and residue to the people who matter to you. Your executor, if not a professional, may need assistance from professionals.
Our Professional Executor/Trustee Service is provided by Skipton Trustees Limited (STL), a wholly owned subsidiary of Skipton Building Society and administered by 1825.
STL can also be appointed as a professional adviser to deal with the estate, by an executor, or if there is no Will, the next of kin.
STL act efficiently and with sensitivity when interpreting and executing your Will if there is one, and helping determine who the next of kin or administrator is, if not. They will:
- identify all of the estate's assets and debts;
- arrange for estate valuation and sale;
- apply for Grant of Probate or letters of administration (where there is no Will);
- liaise with HMRC regarding any tax that is payable before distributing your estate;
- help to reduce any potential Inheritance Tax (IHT) liability by post death variation;
- help to minimise any family disputes; and
- distribute the estate to the beneficiaries.
Having an experienced estate administrator representing your interests can help your personal representative avoid numerous pitfalls, disagreements, unexpected tax demands and unnecessary stress for your family at a difficult time.