Probate – What is It?
Probate as Explained by Probate Solicitors
Definition of Probate: In Wales and England, Probate is a term that is generally used for describing the financial and legal procedures involved in handling properly, possessions and money of an individual who is no longer living. These are together known as the assets of the individual.
Prior to the next Executor or kin named in the Will can transfer, claim, distribute or sell any of the assets of the deceased, they might have to submit an application for Probate.
When Probate is Granted!
Once the Probate is granted by way of Letter of Administration or a Grant of Probate, the Executor or the kin can start dealing with the assets of the deceased according to their Will. In case the deceased died without a Will, it is the law that will determine the person who must get everything. See the Probate without Will section for full details.
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Explanation Of The Probate Procedure
The Probate procedure generally involves several complex legal, financial and tax activities that can be classified into different stages and they are as follows:
Probate Stage 1: Determining the assets of a deceased and all their liabilities in order to come up with Estate value. This stage also involves verifying entitlement to Estate according to the terms of the Will created by the deceased or according to Intestacy laws in case the person died without a Will. Getting important identification documents for the beneficiaries is also a major step.
Probate Stage 2: Making payments of Inheritance Tax to HMRC or HM Revenue & Customs wherever applicable; submitting the right Inheritance Tax return and applying to Probate Registry for Grant of Representation.
Probate Stage 3: Liquidating the assets of the deceased; settling liabilities and paying the ultimate Estate administration expenditures.
Probate Stage 4: Creating Estate accounts documents and showing the left balance for distribution to beneficiaries. Delivering Estate accounts to Executor or Personal Representatives for approval.
Probate Stage 5: Providing there are no difficulties to the Estate along with other complex factors that can prevent distribution. This stage involves the transfer of assets that beneficiaries wish to retain along with the distribution of balance of Estate funds.
Probate is really a complex legal affair that needs in depth expertise and seasoned professionals to take care of this process. If you are looking for the stress-free process of probating, then you can count on us. Our success rate and expertise are on which you can easily depend on. So get in touch to explore the hassle-free way of probate with us.
Frequently Asked Questions
What is the meaning of Probate?
The process of administering a deceased person’s estate is called probate. A grant needs to be obtained from probate registry for the purpose of collecting the estate. Probate is required when the deceased owns property in their sole name or assets of over £25,000.00 at the time of death. The completion of the process of probate occurs with the legal division of the estate to the beneficiaries.
When do I need probate?
Probate is needed when the deceased person leaves significant amount of asset which includes; bank accounts, shares life insurance and property. An asset with a valuation less than £5,000 doesn’t require probate. IF you are unsure please call and speak to one of our experts.
What is the process of probate?
If a person dies leaving assets then the executor needs to obtain a grant. The process of valuation and the distribution of the asset occurs henceforth.
Who requires probate?
A person needs probate to administer the estate of a deceased person and for that matter needs to get an access to the bank account and other investments to ensure any debts can be cleared, inheritance taxes can be paid and the estate is distributed legally to the eligible people.
What is the process of probate?
To obtain the probate or administration there are three main steps to be taken:
Valuation of the extent of deceased’s assets
Completion of the tax returns and application for grant to the court
Collection of the assets, clearing debts and distributing the rest to the legal heirs
Who takes the responsibility for it?
It is the liability of the executor to acquire probate. In the circumstance the deceased person leaves no will the next kin will take the responsibility. A person applying for the probate is responsible for the collection and the distribution of the asset to the legal heirs. In the circumstance the executor finds it unsuitable to continue the process and stops in the middle of the process the executor is left the liabilities.
Why opt for a professional firm?
One of the main reasons to instruct a professional firm is the fact that the process of probate can be a lengthy one. An executor is personally liable for any kind of mistake that occurs within the administration of the estate. This is one of the reasons an executor needs a professional who can deal with everything on the behalf to ensure that are not left with any personal liabilities.
Does the executor have any personal liability?
In the circumstance the executor fails to carry out the legal duties the executor is personally liable. Any fault from the part of the executor resulting to inappropriate valuation, safeguard, and distribution of the estate is to be considered the personal liability of the executor and legal action can be taken against them by the beneficiaries.
How Can We Be of Good Help?
By availing out Probate Complete Solutions, you have us taking good care of the entire procedure of getting the Grant of Probate along with dealings related to Property and Estate Administration affairs, Tax and Legal matters. What is Probate UK is one of the largest providers of Probate and Estate Administration solutions in Wales and England. We are trusted to have good expertise in dealing with Estates worth billions annually.
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