What is Probate? and how can we help

Probate is the process involved in administering a person’s estate on their death. Either a Grant of Probate or Letters of Administration will usually need to be granted by the Probate Registry before this can take place. Both of these documents give one or more people legal authority to manage the deceased person’s affairs, including accessing their assets, i.e. personal possessions, property and money.

There are two slightly different processes involved depending on whether the deceased left a Will:

  1. A Grant of Probate is required if there is a valid Will which appoints one or more executors. These executors apply to the Probate Registry for the Grant.
  2. A Grant of Letters of Administration are required where the person died ‘intestate’ which means they did not have a valid Will. Where the person died intestate then a close family member will usually apply to the Probate Registry to become an administrator of the estate.

However, the process involved for both executors and administrators are similar.

There are some occasions where a Grant may not be required. This is generally where the deceased’s assets are worth £5,000 or less or where the assets were jointly owned with another person who is still alive, for example if a husband and wife own their house jointly and the husband dies but is survived by his wife. In this instance the house would automatically pass to the other joint owner by survivorship.

Administering an estate has several stages to it and varies in complexity from person to person depending on several factors such as the size of the deceased’s estate, whether there is inheritance tax due, how many beneficiaries are named in the Will etc.

To apply for the Grant, the executors must complete the relevant tax forms and send them to HMRC. This involves firstly identifying and valuing the individual’s assets to determine whether inheritance tax (IHT) is due. The deceased’s estate may owe other tax too, such as income tax or capital gains tax (CGT). It is the executor’s duty to determine this.

Once such forms have been submitted to HMRC (and in some instances inheritance tax may need to be paid) an appointment can be made at the Probate Registry to apply for the Grant of Probate. This usually arrives by post a couple of weeks later.

The executor can then proceed to gather in all the deceased’s assets which may include property, personal possessions, bank and savings accounts, shares, insurance policies and sometimes business assets.

All debts will need to be paid, i.e. utility bills, credit cards, loans, maybe mortgages and outstanding tax. Assets may need to be sold, such as a house.

Once this is all complete all the beneficiaries of the Will must be located and paid any gifts or legacies due to them in accordance with the terms of the Will, or where there is no Will, according to the Laws of Intestacy.

When someone dies it is an upsetting time for friends and family members who may feel too distressed to deal with the issues that need prompt attention. Despite having to cope with their own grief, as soon as possible the death must be registered, the funeral arranged, government forms completed, and the Grant of Probate applied for.

 

The role of the Executor

The moment the Testator dies, the role of the Executor(s) begins and there are some important initial duties.  Sadly, many family members are appointed as executors in Wills and have no idea of the responsibility and often do not know they have been appointed in the Will until the Testator dies.

Often loved ones feel too overwhelmed to deal with such things and prefer instead to hand everything over to an experienced and professional firm who can deal with everything for them swiftly and exactly in accordance with the Law, whilst also putting the interests of the client first.

Executors who do not feel able to complete the role can appoint Life Planning Solutions and Assured Probate Services to deal with the estate administration taking away the burden when many are grieving.

 

Our Executor and Probate service

An executor is responsible for administering the estate and distributing the assets in accordance with the Will. Sometimes a loved one may die without having left a Will, however their estate must still be dealt with according to the Law. To ensure that your wishes and those of your loved ones are adhered to and in accordance with the rules and laws of probate, it is standard and a worthwhile practice to appoint a professional and experienced firm.

Here at Life Planning Solutions and Assured Probate Services, we are proud to lead the way in caring and responsible probate and estate administration. We provide an incomparable and cost-effective service where we will administer the estate from start to finish for a fixed fee. Our fees really do provide affordable peace of mind.

 

All meetings are face to face.

Once contacted, we make an appointment to meet you and your family, to discuss the estate, and answer any questions you have.  You will receive a written quotation within forty-eight hours for the costs of our service and fees.  Once accepted we collect all documents and complete all necessary forms, keeping you updated throughout the process.  Once Probate is completed any documents will be handed to you personally for you to file.

 

 

 

 

 

Posted by Steve Christmas / Posted on 03 Feb
  • Post Comments 0