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When a person dies somebody has to deal with their estate (the money,
property and possessions left) by collecting in all the money, paying
any Tax and debts and distributing the estate to those people entitled
to it.
What is Applying for Probate?
It is the process of proving the validity of the last Will of the deceased
at the Court.
When will I have to apply for Probate?
Probate will generally be required only if the estate assets of the
deceased exceeds a certain amount (usually £15,000). You should
check with us first as to whether Probate is required and what assets
will be deemed to be included within the deceased’s estate.
What is involved in applying for Probate?
Primarily obtaining valuations of estate assets and debts for probate
purposes, completing an Oath drawn up by a Solicitor and preparing an
Inland Revenue account for Inheritance Tax purposes. There are two main
types of Inland Revenue form commonly used depending on the size of
the deceased’s estate.
What is a Grant of Probate?
A document which then entitles the Executors of the deceased to wind
up the Estate and to transfer or encash the accounts/property of the
deceased in favour of those who benefit in the Will.
How we can asssit?
The administration of the Estate of a person who has died can be a time
consuming and complex matter. Our knowledge and experience can take
this burden off the deceased's family and friends at what is inevitably
a difficult time. We can also offer much practical advice to the bereaved.
Wills
When a person dies leaving a valid Will the Executors appointed by the
Will have a duty to administer the estate in accordance with the deceased's
wishes. We will help and advise the Executors in that administration.
The assets of the deceased and their value must be ascertained, and
also the amount of any outstanding debts and liabilities. A Grant of
Probate, which is a Court sealed document, will be required to enable
the Executors to deal with the assets. Upon production of the Grant
of Probate the assets of the estate can be either sold or transferred.
We will advise the Executors regarding Inheritance Tax, the availability
of Tax Relief and generally deal with the Inland Revenue on the Executors'
behalf in connection with all taxation matters.
In certain circumstances it may appropriate to vary a Will after someone's
death to achieve the most tax efficient distribution of the assets in
the estate. We will advise the Executors as necessary and prepare the
Deed of Variation.
What if there is no Will?
The estate of the deceased will pass to the deceased’s heirs in
accordance with the laws of Intestacy. The heirs of the deceased will
be able to apply to the Court for a Grant of Letters of Administration
(similar to a Grant of Probate) to enable them to administer the Estate.
How can we help?
We will liaise with the family and beneficiaries during what can
be a very difficult time and can provide as much or as little support
as you require during the whole process from being responsible for arranging
the funeral to just obtaining valuations for any assets and applying
for probate.
Am I entitled to a grant?
There are rules which govern who may be given a grant, and whether or
not one is issued may depend on the circumstances in a case. We will
be happy to advise you on who is able to apply for Probate.
When more than one person is entitled to a grant you may all obtain
a grant together, however there is a maximum of four applicants allowed.
How much will it cost to obtain a grant?
In all cases a fee has to be paid. The amount of the fee depends on
the size of the estate involved, and cannot be worked out until details
of the estate are confirmed. We shall provide an estimate of the likely
fee to be incurred prior to commencement of the work.
What about duty or tax?
If Inheritance Tax is payable (link to inheritance tax calculator),
you cannot get the grant until you have paid the tax. We can advise
you on paying Inheritance Tax by yearly instalments to reduce the initial
burden on the estate.
Intestacy
When someone dies without leaving a valid Will this is called Intestacy.
The Intestacy Rules set out Rules on who can deal with the administration
of the Estate, who inherits and how much of the Estate they inherit.
We will advise you on these Rules and administer the Estate. Once a
Grant of Representation has been obtained from the Probate Registry,
administration of an Intestate's Estate is broadly the same as where
a Will has been left, although the assets will of course be distributed
in accordance with the Intestacy Rules.
Inheritance Tax
Inheritance Tax has to be paid on higher value estates, and a complex
Inland Revenue account completed. We are specialists in completing these
accounts, and on giving advice as to where Inheritance Tax savings can
be made by varying the distribution of an Estate.
To contact our specialist Solicitor in elderly care please contact
Rob Cartmell. To arrange
an appointment please contact Mr Cartmell’s secretary Jan
Lawrence for discussing all matters relating to elderly care and
Powers of Attorney.
Telephone 01296 620 443 or complete our contact form.
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