
This service includes all formal steps required to prove the Will or obtain Letters of Administration, prepare the Inland Revenue Account and administer the estate - the collection of assets and the payment of debts - and the distribution of the net estate;
This is in the nature of an accountancy service incidental to the administration of an estate for the benefit of executors, administrators and beneficiaries.
The basic duty of an executor or administrator is to account to the beneficiaries and the purpose of this service is to discharge that duty as regards both income and capital, and account for any income tax or capital gains tax thereon.