For some, obtaining Probate can be a bit of a daunting exercise: ‘do I need to apply for Probate or is the Estate exempt’? ‘If I do need to apply for Probate, how do I this and what information do I need to gather’?
We can help you with all these queries and the entire process.
When someone dies it is necessary for their estate to be dealt with. A person’s estate is made up of the money (cash), property and any possessions they owned at the date of their death – this includes property (houses/buildings) as well as shares, debts owed to and by the Estate etc.
The administration of the Estate involves collecting together all of the assets that the person who has died owned, paying any debts due and then administering (passing on) the Estate amongst the beneficiaries.
Usually an Executor will apply for Probate although other parties may do so (for example, an Attorney).
Unless the estate is very small (usually £5,000 but this depends on the type of assets to be dealt with), all money, property and assets in an Estate will be ‘frozen’ until the Probate Registry authorises someone to administer the Estate.
The authority from the Probate Registry is given by way of a document known as a Grant of Representation (or otherwise known as Grant of Probate). If the person who has died left a Will, the Will will usually state who the Executors will be and they are entitled to apply for the Grant of Representation. If there is no Will, a member of the family will need to apply for the issue of the ‘Grant of Representation’.
If there is a Will, the Estate will pass to the beneficiaries named in the Will. In the absence of a Will certain rules apply (known as the Intestacy Rules) which determine who is entitled to inherit the deceased’s assets.
If there is a property or land to be sold, a member of our Property team will be able to handle this on behalf of the Estate and will discuss with you the necessary steps to be taken.
Our Wills Estates and Planning team at Leeds Day are happy to provide guidance to relatives and Executors dealing with the administration of an Estate. We can advise on the following matters:
- Valuation of the assets.
- Application for the Grant of Representation.
- Payment of Inheritance Tax and assisting with and preparation of HM Revenue and Customs forms.
- Payment of liabilities.
- Finalising income tax affairs.
- Collecting in all assets and arranging sales as appropriate.
- Transferring assets to the beneficiaries where required.
- Payment of legacies due under the Will.
- Preparing final Estate Accounts for approval by the Executors and beneficiaries.
- Arranging for trust assets to be invested where a trust arises under the Will or intestacy.
- Making the final distributions of money and assets to the beneficiaries.
- Advising on Deeds of Variation and any other matters arising during the course of the administration.
We have a highly experienced team which handles all probate issues. To find out more or discuss any queries, contact one of our friendly and knowledgeable team members or send an email to firstname.lastname@example.org