How does Probate work?
Posted by Melissa - May 08 2019
How does Probate work?
I often receive enquiries from clients stating that they have been asked for a Grant of Probate after a loved one has died. Quite understandably, hearing the word “Probate” can cause confusion and the stressful and time-consuming process of administering an Estate is quite often something that most people could just do without during such a difficult time.
At Baxter Harries our Private Client Team provide a sensitive and high quality personal service for our clients. We do our best to put our clients at ease and are very flexible in our working relationship which includes Saturday morning appointments and home visits.
So how does Probate work? Probate is the legal process of dealing with the affairs after somebody has died. If there is a Will, the Executor appointed has the authority to apply to the Probate Registry for a Grant of Probate. Where somebody dies without a Will, this is known as an Intestacy and the appropriate person under the Intestacy Rules will apply to the Probate Registry for a Grant of Letters of Administration.
Before the Grant of Probate or Letters of Administration are able to be applied for, the exact value of the deceased’s Estate must first be established. This involves contacting Banks, Building Societies, Life Assurance companies, Estate Agents and any other financial institution where the deceased held accounts.
The amount of work involved in acting as an Executor and Administrator can seem daunting but Baxter Harries are here to assist you every step of the way. This includes:-
· Establishing the extent of the deceased’s Estate.
· Preparing an Inheritance Tax Account for HM Revenue & Customs.
· Paying any Inheritance Tax and obtaining clearance from HM Revenue & Customs.
· Preparing an application to the Probate Court for the Grant of Probate/Grant of Letters of Administration.
· Closing the deceased accounts and selling any relevant property so that the Estate can be distributed.
· Assessing any Capital Gains Tax that arises out of the sale of assets.
· Preparing a set of Estate Accounts.
We offer a no obligation consultation at Baxter Harries and therefore, if you are in a position where you have lost a loved one and are not sure what to do, please feel free to pop in at any time to meet with one of our experts who will be more than happy to assist you.