Probate
‘Probate’ is the name generally given to the process of administering someone’s estate when they die. When someone dies owning significant assets, a formal ‘grant’ must be obtained from a court by the executors to enable their estate to be collected in and divided between their beneficiaries.
If someone passes away without a Will it can cause difficulty for families to obtain grant of probate leading them through a process called letters of administration.
If you have a professional Will written you can obtain grant of probate without any difficulties.
When executors obtain probate they have a number of responsibilities, including:
- Interpreting the will and ensuring that the wishes of the deceased as expressed in the will are carried out
- Identifying all the assets and liabilities of the estate
- Obtaining valuations of the joint and sole assets as at the time of death
- Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including businesses, are properly managed
- Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax
- Settling all the debts of the estate including all taxes
- Completing and filing the relevant court forms
- Applying for Probate
- Preparing accounts for the beneficiaries and after payment of all claims, distributing the estate
Please contact us if you would like some advice and if you would like us can handle all of these responsibilities and can support you with Probate, whether or not we are named in the will as an executor and even where there is no will.
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