Here at 4 Probate and Wills we’re dedicated to helping our clients understand how each of our services apply to them. In England and Wales, Probate refers to financial processes involved in dealing with the property, money and possessions (called the assets or estate) of a person who has died.
When is Probate needed?
If the owner of property or land or significant cash assets passes away, probate will be required in order for their loved ones, or the Executor named in their Will to claim, transfer, sell or distribute any of their assets.
Reducing financial risk
If money is owed to a bank, HMRC or any other institution when someone dies, it is crucial that a notice is given by the Executor so that companies can make a claim against the estate. Failure to comply could leave the Executors of the Will liable, which can prove very costly and extremely stressful during what is already a very difficult time for them.
We’re here to make sure that any debts, Inheritance Tax and administrative responsibilities are dealt with as swiftly and efficiently as possible.
How is Probate obtained?
It is necessary for the relevant application forms to be completed in order to apply for probate. This is done by gathering all the required relevant information about the deceased. When Probate has been granted, the Executor of the Will has the legal right to manage any property and assets of the deceased as stated by their Will. If there is no Will in place, the person who should deal with the estate is decided by law, which comes with a risk of property and possessions not being passed on to the people the deceased would have chosen.
Our Probate service
We understand that it is important that the handling of an estate is as simple and hassle-free as possible. That’s where our Probate service comes in, as we can help with the administrative duties involved in obtaining probate.
We offer two levels of Probate service:
Option 1: Comprehensive Service
This involves the team of specialists at 4 Probate and Wills, along with our legal partners, administering the entire estate on behalf of the executors which includes:
Valuation of all assets and liabilities.
Completion of all tax forms and settlement of any Inheritance Tax, Income Tax and Capital Gains Tax.
Drafting and submitting of all documents so that you can obtain a Grant of Probate or Letters of Administration if there is no Will in place.
Collecting or transferring of all assets, including bank accounts, investments, shares, etc.
Handling the sale of any property and completing any other conveyancing matters.
Producing the estate accounts on completion.
Distributing the estate in accordance with the Will and/or precise wishes.
Creating and managing any Trusts that are required from the Will.
Protection against creditors making a claim on the estate after the funds have been distributed.
Option 2: Grant Assist
This is our most popular Probate service, and the most cost-effective way to apply. It includes all of the following:
Completion of a personal application and the necessary HMRC tax returns and submitting them to the Probate Registrars.
Ensuring that the executor or appropriate person remains the applicant.
In the unlikely event the Probate Registrar asks for additional information, we will liaise with you and complete any additional work on your behalf
You may wish to place a notice in The Gazette to notify creditors of the estate, which we strongly advise and can assist with.
If you are unaware of the deceased’s financial situation at the time of passing, we can arrange an estate search if required. This can locate accounts and investments you may not be aware of.
Pre-paid Probate Plan
A Pre-paid Probate Plan is another example of a service that brings complete peace of mind. Designed to be effective and affordable, it basically locks in today’s prices even though the cost of managing your estate after your death will almost certainly increase significantly.
Our Pre-paid Probate Plan works very similar to our Pre-Paid Funeral Plans, as the funds you pay into it are securely held in Trust. When the time comes, your loved ones benefit from the full service regardless of how much any related prices may have increased since it was put in place.
Why take out a Pre-paid Probate Plan?
If your family were to instruct instead hire a solicitor to manage your estate after you die, they will usually charge either by the hour or as a percentage of the estate’s total value. This can prove extremely expensive and reduce the amount that is handed over to your loved ones. Any debts or Inheritance Tax owed by your estate will also be managed, plus our specialists can discuss ways to minimise or possibly even remove Inheritance Tax from the equation as part of a new Will.
By taking out a Pre-paid Probate Plan with us, you can rest assured that there won’t be any legal fees that need paying by your beneficiaries in relation to your personal estate. Assets within a business or outside England and Wales will need further provision.
We’re here for you 24/7
Ready to find out more? Call, email or fill in the contact form and we’ll get back to you very quickly. We monitor our emails 7 days a week and also offer an out of hours service – if it’s an emergency, simply state this in your message and provide as much detail as possible.