What is Probate?
Unless the estate is particularly small (with no freehold or leasehold property such as a house or flat) the personal representatives of the deceased will have to obtain a Grant of Representation from the Probate Registry. This is a document issued by the court confirming the personal representatives entitlement to deal with the estate.
At Setfords, we are often able to advise our clients almost immediately if a Grant of Representation is needed. In the event this is required, we can handle all the necessary paperwork for you.
What if the Deceased left a Will?
If the deceased left a will, an application must be made to the Probate Registry for a Grant of Probate. The executors named in the will must distribute the estate in accordance with the will
What if the Deceased did not leave a Will?
If the deceased did not make a will and therefore died ‘intestate’, an application must be made for a Grant of Letters of Administration. The persons who can apply for these are governed by statute, but are usually the next of kin. The law will state how the estate is to be distributed.
Please click here for more information on the Intestacy Rules
What does an Executor/ Administrator do?
An Executor / Administrator is responsible for
- Notifying all of the creditors and debtors of the deceased and preparing the IHT accounts to be submitted to the HMRC
- Arranging to pay any Inheritance Tax that is payable on the Estate either form assets that can be released pre-grant or via a loan from a bank
- Applying for a Grant of Probate of the Will or Letters of Administration
- Paying the debts of the Estate
- Distributing the Estate according to the Will or Intestacy Rules
- Preparing Estate accounts showing the progression of the Estate
As can be seen there is a great deal to do and the executors are liable for any mistakes or delays in the administration of the estate. Setfords is here to remove the risk and hassle from your shoulders.
Do we have to pay Inheritance Tax?
Every individual has a tax free allowance of £325,000 (correct the time of writing November 2011) known as the nil rate band. Any estate worth more than £325,000 is charged Inheritance Tax. This tax must be paid before the Grant of Probate of the Will or Letters of Administration can be obtained.
If there is likely to be a large amount of IHT to pay, either on the estate now or by the family in the future, we will discuss this with you and, if necessary, the others involved, before the grant is obtained, to consider whether or not any action can be taken to reduce the amount payable.
How can Setfords Help?
When a loved one dies the last thing most people want to think about is sorting out their financial affairs. Unfortunately this has to be undertaken and Setfords Solicitors are here to help...
We provided a complete service including:
- Sorting through the deceased's papers and contacting the various creditors and debtor's of the deceased
- Obtaining valuations for the various assets of the Estate
- Preparing the Inheritance Tax Accounts which need to be prepared before an application for probate can be submitted
- Drafting the Oath for Executors or Oath for Administrators
- Collect in the Assets of the Deceased once probate has been obtained
- Distributing the Estate in accordance with the Will or intestacy rules
- Preparing the Estate Accounts
If you would like to discuss your requirements in more detail please contact us on 01483 408780 or e-mail info@setfords.co.uk
