The term Probate is used to describe the legal processes used to distribute a persons estate after they have died. This involves dealing with a deceased property including all financial and personal possessions as well as settling debts and winding up charges on the estate.
The Executors of the estate will be able to obtain the grant of probate. However, if a will cannot be found, the deceased is deemed to have died intestate, when the grant of Probate will be referred to as Letters of Administration.
How to deal with Probate
Dealing with an estate can be a complicated process; and can typically take a Professional 50 hours, however you can save thousands of pounds with our Peace of Mind help and guidance option, with a Probate Professional who will be able to assist you with;
- Place adverts in the London Gazette and the local paper where the deceased owned property
- Register the death at the local Probate Authority
- Arrange to pay the funeral
- Value the deceased estate
- Prepare the correct IHT return and pay any IHT ( Inheritance Tax ) due
- Apply for the Grant of Probate
- Register the Grant of Probate with any relevant institutions
- Transfer the ownership of any property and close any accounts
- Complete any required income tax return or capital gains tax return on behalf of the deceased
- Pay any debts or liabilities owed by the deceased
- Collect any money or property owed to the deceased
- Pay any expenses incurred
- Prepare final accounts for the estate
- Distribute the assets in accordance with the will
We believe if any of the following is likely;
Leave it to the Professional. If the Executor is either unwilling or unable to act you can still save thousands of pounds by asking one our Probate Professionals to take care of everything. Just one call and we will arrange to visit the family at their home throughout England and Wales. Through our Peace of Mind Professional option you can still save thousands of pounds off the Professional Fees!
- When you think the beneficiaries may challenge the process making you feel uncomfortable
- When you think there’s a danger that a beneficiary may make a claim against the estate
- When you think someone may contest the will ( this increased 12 fold last year)
- If the estate doesn’t have the required assets to pay its debts
- If you feel the work may be complicated
- If the will is disputed
- If the deceased owned a business
- If the estate could be subject to Inheritance Tax. There are steps that can be taken to mitigate Inheritance Tax, if you fail to do this your beneficiaries may have a claim. Professionals also have more options available to them around the payment of IHT
- The deceased left money in a trust
- The deceased owned property abroad
- A beneficiary is under the age of 18
- A deed of variation is required.