Probate
Mortgages Protection Other
Legal Services
Probate is an official document confirming the details of those appointed to deal with the estate. This incorporates a copy of the deceased's will (if there is one) which has been verified by the Court. Those named on this document become the legal owners of the deceased's property for the purposes of giving effect to the will. They also become liable to settle all liabilities (including tax).
What is the purpose of obtaining probate?
There are three principal purposes:-
1. To establish who is entitled to deal with and inherit the estate;
2. To ensure that HM Revenue & Customs (and other appropriate authorities) are kept informed and all liabilities and taxes paid and;
3. To enable the release of the deceased's personal estate to the executors or personal representative.
To most people, the first is the most important. However for solicitors it is frequently the Inland Revenue requirements which need the most attention.
How to obtain a Grant of Probate.
Some people consider dealing with probate themselves by making a personal application which involves going to the local Probate Court. This procedure is suitable for those who have time on their hands and where the estate is relatively simple.
The procedures followed by solicitors are substantially different to the personal applications procedure. They will deal with all correspondence in obtaining full details of the assets and liabilities of the estate. Full disclosure of all financial details will need to be made to the Inland Revenue and you will need to be advised of the options available to you, and the beneficiaries, to ensure that the estate is dealt in the most tax efficient manner.
Solicitors will also ensure that the Court is satisfied as to the validity of the will; or where there is no will, ascertaining who is entitled to the estate. Advice may also be needed in order to explain the terms of the will.
What happens after Probate has been granted?
Following issue of Probate the assets of the estate can be collected in and as a result, all liabilities can be paid.
There may also be queries raised by the Inland Revenue with regard to Capital Gains Tax and Income Tax on the assets realized during the administration period. Advice may well be required in order to settle, or deal with, any queries raised.
Legacies of cash or other assets specified in the will can also be paid and the residue of the estate can be distributed when all liabilities have been settled.
It is usual for solicitors to prepare a detailed set of estate accounts illustrating the financial side of the estate. All liabilities, costs, charges, assets and tax are detailed in a legible format for the approval of those appointed to deal with the estate.
For more information on Probate and Administration services we recommend Sophie Endersby. Please call her on 01242 248222 or email sophie.endersby@bpe.co.uk.
Rules of
Intestacy
Download a simple guide to the rules of intestacy.
