Probate And Legal Help And Advice
When someone dies, their assets and liabilities are collected. For permission to collect and distribute property, legal procedures should be followed. This is known as probate. This ends with the Probate Registry issuing what is known as a Grant of probate or a Grant of letters of administration.
A person seeking support of probate must be the executor named in the will. If there is no will, the person entitled to the application will usually be the closest relative of the deceased, known as an administrator.
The starting point is whether it is really necessary for probate. This is because sometimes the assets go through the survival of your spouse or partner, if that is the case the property is not often necessary.
If the deceased had assets of a significant amount then a sequence of enquiries will be necessary. Banks and other financial institutions require proof before closing the account and the release of all assets.
The Probate Process through a Solicitor
The process of probate begins with the executor of the estate to make a list of all known assets and liabilities. Once prepared, then you can make a formal request for entry of inheritance. In all cases, you must complete a tax return inheriting Inland Revenue.
If the property valued over £325,000 then inheritance tax will be required.
This tax will need to be paid within six months after the person has died.
Probate In person
If an application is made in person it should be sent to the local Probate Registry office. You will need to pay an application fee and any inheritance tax to the HMRC.
Grant of probate must be seen by the Probate Registry office. You will need to state the name of the deceased, date of death, name and full address. You will also need to provide details of the value of the estate.
When to use a Solicitor for Probate
The probate can be quiet a complicated process, but when it is best to use the probate solicitor? Typicaly you will require assistance of a lawyer anytime inheritance tax is ready to be paid. A probate solicitor may well be able to provide tax consultants, providing potential savings tax property.
The solicitor should also be used whenever there is a dispute over the will or the interpretation of the clause in the will. Times have changed when solicitor charge per hour, and most probate lawyers now demand fixed rate for the probate.