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’s known is payable to the Inland Revenue 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) 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 starts from only £650 + VAT
Following your meeting with us, you can choose the full Probate service through SWW Trust Corporation who deal with the estate on your behalf.
The simpler service through Hudgell Solicitors.
The costs for either service is listed below:
Full Probate administration service is available to deal with Inheritance Tax, House Conveyancing and full estate completion for 2% of the estate value plus VAT.
Our Basic Probate service from £650 plus VAT and Court fees.
Full Administration through SWW Trust Corporation.
Basic Probate application submitted by Neil Hudgell Solicitors.
For any Probate requirements, please contact one of our friendly, local team today.