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When a person dies, all property and assets that they own — including property held jointly — may form part of their estate for distribution. Identifying and valuing estate assets can often be a complex process, particularly where substantial assets, overseas property or inheritance disputes are involved.
Generally speaking, all assets not otherwise excluded from the estate and remaining after debts, liabilities and taxes have been settled will be available for distribution in accordance with the deceased's will. Where no valid will exists, the estate will usually be distributed under the rules of intestacy.
If you require advice regarding the assets included in an estate, the administration of an estate, or a potential inheritance dispute, our experienced Wills and Probate Solicitors are here to help. Call +44 20 7387 2032 or complete our online contact form for expert legal advice.
Call +44 20 7387 2032 Arrange a ConsultationThe debts, liabilities and expenses that must be accounted for prior to distribution include loans, credit card bills and mortgages. Reasonable funeral expenses can also be deducted from the estate.
Additional liabilities may include utility bills, care home fees, outstanding tax liabilities and professional administration costs. Before beneficiaries receive any inheritance, these liabilities will usually need to be settled.
Understanding what is owed by the estate is an important part of the estate administration process and should be established early to avoid delays in distribution.
Any property owned outright by the deceased will form part of the estate, unless directed towards a specific named beneficiary.
Property is often one of the most valuable assets within an estate and may require a professional valuation for probate and Inheritance Tax purposes. The value of estate assets may also be relevant when determining whether Inheritance Tax is payable to HM Revenue & Customs (HMRC).
Where the deceased owned property as part of a joint tenancy, ownership will pass by default to the surviving joint owner.
Where the interest is a tenancy in common — involving two or more persons — the deceased's will determines to whom the share is passed. If no will exists, the rules of intestacy determine where the share vests.
Understanding the distinction between joint tenancies and tenancies in common is often important when determining whether a property forms part of an estate.
Bank accounts held jointly will pass to the surviving joint owner, regardless of what the will says or the default rules on intestacy.
Bank accounts held solely in the deceased's name will generally form part of the estate and must usually be identified and valued during the probate process.
Life insurance policies with a named beneficiary will not normally form part of the estate.
However, whether a policy forms part of an estate will depend on how the policy has been structured and whether it has been written into trust. Legal advice may be required to determine the correct position where the policy arrangements are unclear.
Property that is placed in a living trust for beneficiaries is shielded from being included in the estate. Instead, it will vest in the named beneficiaries in accordance with the trust deed.
Living trusts can be revocable or irrevocable in nature. The treatment of assets held within a living trust will depend on the terms of the trust and the jurisdiction in which it was established.
Where a deceased person has overseas assets or international estate planning arrangements in place, specialist legal advice may be required to determine whether assets held within a living trust form part of the estate for probate or Inheritance Tax purposes.
An estate may include a wide range of assets owned by the deceased at the date of death. Common examples include:
Residential property
Commercial property
Current accounts
Savings accounts
ISAs
Stocks and shares
Investment portfolios
Premium Bonds
Business interests
Vehicles
Jewellery and valuable possessions
Digital assets and cryptocurrency
Overseas property
Money owed to the deceased
Executors and administrators are responsible for identifying and valuing all assets before the estate can be distributed.
Whilst many assets owned by a deceased person will form part of their estate, certain assets may pass directly to another individual and therefore may not be available for distribution under the terms of a will. Common examples include:
Property owned as joint tenants
Certain jointly held bank accounts
Life insurance policies with a named beneficiary or written into trust
Certain pension death benefits
Assets held within trusts
Whether an asset forms part of an estate will depend on a number of factors, including the legal ownership structure, the nature of the asset and any estate planning arrangements put in place during the deceased's lifetime. Where there is uncertainty regarding ownership or entitlement, legal advice may be required.
Where a person dies without leaving a valid will, their estate will generally be distributed in accordance with the rules of intestacy.
The intestacy rules determine who is entitled to inherit from the estate and in what proportions. Depending on the circumstances, this may include a surviving spouse or civil partner, children or other close relatives.
The administration of an intestate estate can become more complex where there are questions regarding family relationships, jointly owned assets, overseas property or disputes between potential beneficiaries. In such cases, alternative dispute resolution in probate disputes may be an appropriate option to explore.
Understanding what forms part of the estate is particularly important where no will exists, as the value and composition of the estate may directly affect the entitlement of those who are eligible to inherit.
A deceased person's estate will generally comprise all property, assets and financial interests owned by them at the date of death, less any outstanding debts and liabilities. This may include property, bank accounts, investments, business interests, personal possessions and overseas assets. In some circumstances, a Grant of Probate or Letters of Administration may be required before these assets can be collected, administered and distributed to beneficiaries.
However, certain assets may pass outside the estate depending on how they are owned or structured. Examples may include jointly owned property, some pension death benefits, life insurance policies and assets held within trusts.
Executors and administrators are responsible for identifying, valuing and administering estate assets before distributing them in accordance with the deceased's will or, where no valid will exists, the rules of intestacy. For guidance on the costs involved, see our page on how much probate costs.
A deceased person's estate generally includes all assets, property, possessions and financial interests owned by them at the date of death, less any outstanding debts and liabilities.
Property owned as joint tenants usually passes automatically to the surviving owner. Property owned as tenants in common generally forms part of the estate.
Bank accounts held solely in the deceased's name generally form part of the estate. Joint accounts may pass automatically to the surviving account holder.
Life insurance policies written into trust often pass directly to beneficiaries and may not form part of the estate. Other policies may form part of the estate depending on how they are structured.
Many pension death benefits are distributed outside the estate, although the position depends on the pension arrangements and beneficiary nominations made.
Where no valid will exists, the estate will usually be distributed according to the rules of intestacy.
Yes. Overseas property, bank accounts and investments may form part of an estate, although separate legal procedures may apply in the relevant jurisdiction.
Where beneficiaries believe assets have not been properly disclosed or accounted for, legal advice may be required to investigate the administration of the estate.
Executors named in a will, or administrators appointed where no valid will exists, are generally responsible for identifying, valuing and administering estate assets before distribution to beneficiaries.
Our solicitors have extensive experience in handling matters relating to trusts, HMRC and tax implications, Lasting Power of Attorney and business advice. Our client base is not only domestic but international, meaning we are well placed to advise on situations where a deceased either had assets overseas or their primary domicile was not in the UK.
We also advise executors, administrators and beneficiaries in relation to probate disputes, inheritance claims, estate administration issues and concerns regarding missing estate assets.
We offer a tailored approach that explores and addresses the personal circumstances of our clients. Contact our Wills and Probate Lawyers today on +44 20 7387 2032 or complete our online contact form.
Call +44 20 7387 2032 Arrange a ConsultationThis page provides general information about estate assets in England and Wales and does not constitute legal advice. The legal treatment of any particular asset will depend on the specific circumstances and applicable law.
