What is Probate?
Probate Definition: In England and Wales, Probate is the word normally used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.
Before the next of kin or Executor named in the Will can claim, transfer, sell or distribute any of the deceased's assets, they may have to apply for Probate. If you own property or land you will most certainly need Probate.
When Probate has been granted the next of kin or Executor can start to deal with the deceased person’s assets in accordance with their Will. If the deceased died without a Will, the law will determine who should receive the deceased's assets which is why a Will is so important.
A Grant of Probate will be required if the deceased’s estate has any number of individual assets of a certain value. The value is determined by the institution who holds the asset or funds on behalf of the deceased. Banks and Building Societies typically have their own limits which, in some cases, can be as low as £10,000.
Applying for a Grant of Probate can be extremely stressful, complicated and time consuming. Not understanding the process can often lead to costly errors and delays.
4 Probate and Wills have a dedicated team to administrate the estate for you. In less complicated cases we could simply ‘hold your hand’ through the process, which allows you to be involved if you so wish.
There may be a requirement to pay Inheritance Tax on the estate. IHT, as it is known, is payable to HM Revenue and Customs on amounts over the current NIL rate band. There are a number of NIL rate bands (Personal allowance, Business relief and the new Property relief) which you may be entitled to which would significantly reduce the amount payable from the Estate.
At 4 Probate and Wills our experts will ensure you only pay the tax that is due.
Our probate service
Following your initial no obligation meeting or phone call, we will advise you which service is most appropriate. We will always consider the most cost effective service based upon your individual needs.
1. Our full Probate service through 4 Probate and Wills and SWW Trust Corporation will deal with the whole estate on your behalf. You will be appointed a professional and dedicated person to look after you. The progress will be communicated throughout keeping you fully informed at all times. You may choose to be fully involved or leave the whole process to us, the choice is yours.
This comprensive service includes:
Valuation of all assets and liabilities.
The completion of all tax forms and settlement of any inheritance tax, income tax or capital gains tax.
Drafting and submitting of all documents in order to obtain a Grant of Probate or Letters of Administration (if there is no Will) from the Courts.
Collecting or transferring of all assets including Bank accounts, Investments, shares, etc.
Handling the sale of any property or completing any other conveyancing matters.
Producing the estate accounts on completion.
Distributing the estate in accordance with the Will or deceased's wishes.
Creating and managing any Trusts that are required from the Will.
2. Our Grant Assist service. We will assist you in the completion of a Personal application and all the necessary tax forms for submission to the Court. Grant Assist makes you the applicant but with our full support. You will receive the Grant of Probate or Letters of Administration to allow you to settle the estate. We will provide a fully completed set of documents ready for you to sign the Statement of Truth and post to the Courts. It is not unusual for the Courts to ask for additional information, this is all covered in the fixed price we agree.
Our Grant assist service is calculated on an hourly rate which will not exceed five hours
There may also be Court fees applicable, currently £215 and £1.50 for extra copies of the Grant which is not included in our fixed price. Should you require any further work in this matter we will agree this with you BEFORE work commences but in most cases we are able to assist you at the fixed price agreed.
For any Probate requirements, please contact one of our friendly, local team today.