Probate -
perhaps a legal term you have heard but are possibly not totally familiar with.
Essentially,
it is the word often used to describe the legal and financial processes which
are involved in dealing with the property, money and possessions (frequently
referred to as assets) of a person who has passed away. A probate solicitor
assists people who have lost family members or friends, which is undoubtedly a
highly stressful and emotional time for
those left behind. As well as this, they will also be tackling the various
types of taxation that need to be dealt with when a person dies, this may
include income tax, capital gains as well as inheritance tax.
In some
scenarios, it's very much acceptable to deal with the probate yourself, while
you may also be the executioner of the will. Moreover, a common course of
action for lots of people is to use the
assistance of a wills and probate solicitor throughout the process as a whole.
Of course, dealing with the loss of a loved one can be an emotionally charged
time for you and perhaps your family, so hiring a probate solicitor can offer
you some much needed clarity during what is undoubtedly a difficult time.
Due to the
intricate nature of this type of legal process, as well as the sheer amount of
legal jargon, lots of people find understanding the procedure of wills and
probate, a little tricky. A probate solicitor will not just deal with the
legalities and administrative process, they can also help with the additional benefit to you of
being a totally independent body with no emotional ties to the individual or
the case itself. They are working with cases of this nature every single day.
They will be able to deal with the legalities with an unbiased perspective -
which is something that is required in this line of work.
This guide
will walk you through what a wills and probate solicitor does and what you need
to know. This includes the various types of will, using a solicitor and the
process of using a conveyancer.
What exactly is probate?
Probate is
basically the process of administering a deceased person's estate. This could
involve coordinating the organisation of their money and possessions and then
distributing them as a form inheritance. What's more, you may be shocked to
know that the number of adults in the UK who don’t have a will is at its
highest rate amounting to over 31 million. In research carried out by
unbiased.co.uk, the amount of people passing away without a will was at its
highest in 2018 - the greatest peak since the last highest rise in 2011. Dying
without a will in place is referred to as ‘intestate’. When this happens,
inheritance law is implemented to figure out who is entitled to what. This is
known as the Rules of Intestacy. If the deceased person has left a will, it
will specify who they have chosen to leave the estate to, this individual is
then known as the executor of the will.
What is considered a grant of probate?
Before an
executioner starts this legal process, they need to apply for a grant of
probate. This legal document provides them with permission to tackle the
deceased’s legal property. Probate will stop once all taxes and debts have been
paid off and their inheritance has been passed forward. If you have been named
as the executor and don’t want to apply for probate yourself, you can request
that a solicitor do this on behalf of you.
What scenarios will require wills and probate
solicitors?
Other than
the simple administrative and impartial guidance that comes with hiring a wills and probate
solicitor, there are a few other issues that may require the support and
guidance of one. This includes:
●A will being contested in terms of
its validity and or if dependants were left out of the will (and they are
likely to contest this)
●The deceased person has passed
without a will
●The case involves a large estate and
complex details are involved such as trust funds
●The estate in question is bankrupt
●The estate involves a foreign
property or asset
●The value of the estate is receiving
consistent income
●The overall value of the estate is on
the boundary of an inheritance tax threshold
How does the process work?
Every will
and estate will very much vary, the precise probate process is reliant on the
instructions left on the will as well as the assets, creditors, and the
benefactor of the estate itself. This process involving the executor will go
something like this:
●Gather the relevant information
related to the estates assets
●Apply for the grant of probate
●Fill out an inheritance tax return
and pay any due tax
●You receive a grant of probate
●Repay any outstanding debts left by
the deceased
●Distribute the rest of the estate in
accordance with what is stated in the will
A probate
and will solicitor will also assist with any disputes that occur between the
executor, benefactors or HMRC.
The various types of will
Wills must
reach a specific criteria in order to be valid. The person who creates the
will, known as the testator, must be eighteen years of age or older and of
sound mind. The testator is then needed to select an executor, which will give
them the responsibility of distributing the property after death. They need to
sign and date this will - this has to be done in the presence of witnesses.
Moreover, within this process, there are a number of different types of will.
Realising what type of will is suited or applicable to you can be tricky, this
is why it is recommended that you use a professional solicitor. In broad terms,
there are a few types of will available to you:
A single
will
- this type of will is often the most frequently used and best-known type
of will. This will detail the demands of the individual, including their chosen
executor as well as any gifted items being passed on.
A mirror
will
- used when there is a possibility that you may outlive the person who has
created the will.
A trust will
- there are a few different types of trust wills. A property trust will is put
in place
to help you
understand how a property you may own is taken care of.
A living
will - this kind of will permits you to express your wishes while fully aware
of your decisions in the event that in the future you are unable to make these
decisions. This isn't a legal binding contract but is taken into full
consideration by doctors and solicitors.
PJE Solicitors
- Wills, Trust and Probate
For many of us, drafting a will is hardly at the
top of our to-do list. But the fact remains that the process of drafting your
will, gives you the clarity and reassurance that your estate is going to be
appropriately and fairly dealt with when you are no longer here, putting you
and your loved ones at ease. Thinking about one’s death can be very
challenging. We know that this can be difficult to plan for, which is why our
experienced team go above and beyond to make the process as stress-free and
easy as possible for our clients. When you are ready to plan for the future,
give us a call. Our team will ensure that your assets are distributed the way
that you want and that your family knows your wishes. To find out more,
contact us
today, we’d be delighted to hear from you.
