Also known as estate administration, probate is the process of administering the estate of a deceased person, allowing their estate to be distributed according to their wishes.
The process of estate administration can include dealing with closing down bank accounts and settling any bills and debts you may leave, and can be a complicated, time consuming process.
Even if you have made a Will naming trusted people as your executors to deal with your estate administration, when the time comes, they may feel overwhelmed or even unable to deal with the process without a helping hand from professionals.
Your executors are personally liable for any mistakes made, which could include unpaid taxes, incorrect distributions and missed debts. If you get it wrong, HMRC, your beneficiaries or those wishing to collect monies owed will expect full payment from your executor(s).
Professional help is often a solution but is usually expensive – but it does not have to be.
We can provide clear and straightforward advice to your executors regarding estate administration;
Identify exactly what action needs to be taken to pass your wealth to your loved ones; and
If further help is needed, we can give all the help and guidance needed, and offer a fully inclusive fixed fee for managing the process of estate administration.
If you are faced with dealing with the administration of an estate of a loved one our staff will be happy to discuss all options with you to allow you to make an informed decision.
Our Probate Professionals will be able to assist you with;
Placing adverts in the London Gazette and the local paper where the deceased owned property
Arranging to pay the funeral
Preparing the correct IHT return and paying any IHT ( Inheritance Tax ) due
Registering the Grant of Probate with all relevant institutions
Completing any required income tax return and any capital gains tax return on behalf of the deceased
Collecting any money or property owed to the deceased
Preparing final accounts for the estate
Registering the death at the local Probate Registry
Valuing the deceased’s estate
Applying for the Grant of Probate
Transferring the ownership of any property and closing any accounts
Paying any debts or liabilities owed by the deceased
Paying any expenses incurred
Distributing the assets in accordance with the Will, which may include trusts
Our advice to your executor is…. Leave it to the Professional
- if beneficiaries may challenge the Will
- if there’s a danger that a beneficiary may make a claim against the estate
- if someone may contest the Will (contentious claims are becoming rife)
- if the estate doesn’t have the required assets to pay its debts
- if the work may be complicated
- if the Will might be disputed
- if the deceased owned a business
- if the estate could be subject to Inheritance Tax (IHT). There are steps that can be taken to mitigate IHT. If they fail to do this your beneficiaries may have a claim. Professionals also have more options available to them regarding the payment of IHT
- if the deceased left money in a trust
- if a beneficiary is under the age of 18
- if a deed of variation is required
If your Executor requires a little help, or is either unwilling or unable to act, they can ask one our Probate Professionals to provide that support, or they can take care of everything.
Just one call and we will arrange to visit the family in their own home, and through our Lifetime Peace of Mind option you can save thousands of pounds in Professional Fees.
Please do get in touch if you want advice or assistance with probate.
Contact us today to arrange your FREE no obligation telephone consultation with one of our Estate Planning Consultants.