What is probate?
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.
When Probate has been granted through a Grant of Probate or Letters of Administration 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 everything,
When might you need advice?
The Probate process often involves a lot of complicated legal, tax, and financial work which can be broken down into five different phases.
- Probate Phase 1. Identifying all of the deceased’s assets
- Probate Phase 2. Paying Tax
- Probate Phase 3. After the Grant of Representation has been issued by the Probate Registry, liquidating (selling) the deceased’s assets, settling their liabilities, paying the final Estate administration expenses and accounting to HMRC for any further Inheritance Tax, any Income Tax or Capital Gains Tax due to or from the Estate.
- Probate Phase 4. Preparing Estate accounts documenting all payments into and out of the Estate, and showing the balance left for distribution to the beneficiaries. Sending the Estate accounts to the Personal Representatives (such as the Executor in the Will) for approval.
- Probate Phase 5. Providing there are no challenges to the Estate or other complicating factors preventing distribution at this stage, the final phase will involve transferring any assets that the beneficiaries wish to retain, and distributing the balance of the Estate funds.
The Most Common Areas of Disputes are
- Challenging the executor of a Will,
- Interpretation of the terms of a Will
- Contesting Probate when there is no Will
How we can help
- You tell us all about your case.
- A trained lawyer will assess what is best for your case.
- We get the right Barrister for your case.
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