Probate is the term often used when referring to the administration of an estate when someone has passed away. A grant of probate is obtained when the deceased has left a Will. The process of administration without the use of a Will is called Intestacy. Executors or Administrators deal with distribution of the estate
The adminstration process can be divided into two stages:
The first stage is to obtain a Grant of Probate / Representation. Assets of the deceased need to be valued and liabilities calculated for the purpose of Inheritance Tax - this needs to be completed whether tax is due or not. The Executors or Administrators need to ensure all figures are correct and swear an Oath stating this. The Oath and Inheritance Tax forms are lodged with the local probate registry.
The last stage is the administration of the estate. Assets can start to be collected- if there is a property involved this may take some time. Any debts of the estate need to be paid, including the funeral account. A summary of the estate, referred to as an estate account, is compiled to finalise the figures before gifts are paid.
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Although all this can be accomplished personally without the help of a solicitor, you must remember that this is an emotional time and a solicitor could ease pressure during this difficult time. The whole process of probate can take up to two years and can be stressful, especially if Inheritance Tax is due.
How we can help:
- 30 minute free appointment offering basic advice
- 1 hour appointment offering more detailed advice for only £99 + VAT
- Obtain the grant (stage 1) – from £750 + VAT *
- Administration (last stage) – from £2200 + VAT*
* Fees depend on the size of the estate and a quote will be given at the beginning of the process.
Click here for information on Wills
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