What is the meaning of Probate?
The process of administering a deceased person estate is called probate. A grant needs to be obtained from probate registry for the purpose of the estate to be collected. Probate is applicable in the circumstance when someone has significant amount of asset 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?
A probate is needed in the circumstance when the deceased person leaves significant amount of asset which includes shares and lands. An asset with a valuation less than £5,000 doesn’t require any grant in general case thus, revokes the needs of a probate. The amount mentioned above or lesser deposited in the bank can be obtained by the inherent without any grant.
What is the process of probate?
If a person dies leaving a significant amount of asset that the administrator (as being elected by the law) needs to obtain a grant. The process of evaluation and the distribution of the asset occurs henceforth.
Who requires probate?
A person needs probate to deal with the estate of a deceased and for that matter needs to get an access to the bank account and other investments to ensure the fact that the debts are being cleared, inheritance taxes are being cleared and the estate is being 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:
- Evaluation of the extent of deceased asset
- 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 of the surviving 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 administer or the executor finds it unsuitable to continue the process and stops in the middle of the process the person is still left with some of the liabilities.
Why opt for a professional firm?
One of the main reasons to hire a professional firm is the fact that the process of probate takes a lot of time. The process of application, evaluation and the distribution of the asset is one lengthy process. An executor alongside is personally liable for any kind of mistake that is cause. This is one of the reasons one needs a professional who can deal with everything on the behalf of the administrator.
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 evaluation, safeguard, and distribution of the estate is to be considered the personal liability of the executor.