Probate is a word sometimes bounced about without rally understanding its full meaning. Simply, it’s one of two procedures used to take care of all assets of someone who has died, the other procedure being “Letters of Administration”. The latter are used in the absence of a Will. When a loved one passed on leaving significant assets then a formal grant is required to execute their Will. This is obtained through the courts.
3 basic steps are as follows:-
- Firstly, you need to gather all information on the deceased assets and liabilities. All areas of finance must be considered. Along with the bank accounts, building societies and insurance you need to check any other form of income. Things like the home of the deceased, other property they may have owned or stocks and shares. Any liabilities must be considered too. Using all this info you need to complete the tax returns.
- The next step is to apply to the court for grants. Exactly what type of grant depends on circumstances, such as the size of the Estate. The executors will need to work out any allowable deductions and tax reliefs. If that values above £325,000 then you need to calculate the inheritance tax due. With the tax returns completed in full you can apply on the Probate Register. Please note, HMRC and the Probate Register are entitled to raise issues on any of the above.
- Now that you have all the relevant info on the Estate you need to collect in the assets and pay any debts. Once this is done you may distribute the remainder of the Estate as requested on the Will or the statutory order of distribution if there is no Will. All that remains for you to do now is to produce the final accounts of the Estate for the beneficiaries and a final tax return of the deceased.
Who’s responsible for Probate?
The executors of the Will of the deceased are responsible for obtaining Probate. Should there be no Will then responsibility falls to the next of kin. Whoever that is normally applies for Probate and carries out all the actions discussed above.
Remember, when the executor or next of kin applies for Probate they take on total responsibility for any potential errors when executing the Will. This is a huge responsibility. It’s complex and also very time consuming. The process relies on specialist legal and tax knowledge. There are many potential complications.
Depending on your circumstances it may be advisable to have this professionally handled. WBHL offer experienced Probate solicitors who provide a clean and swift service while offering you a friendly shoulder to lean on. You can then rest assure the affairs of your loved one will be completed as requested by them. http://www.webuyhousesliverpool.co.uk
Hope you find this useful.