Organising a
relative or close associates' affairs when they pass away is never a straight
forward thing to carry out. Probate is just one of the many things that you may
have to tend to.
Probate is
essentially a word which is used to describe the financial and legal process
for dealing with the property, money and assets of a person who has died. A
probate solicitor will help those who have lost family members or friends. No
doubt this is going to be a highly stressful and emotional time for the people
left behind. Moreover, the people left behind will also be dealing with a few
issues regarding taxation that need to be tended to when an individual passes
away, this may include income tax, capital gains, and inheritance tax.
In various
scenarios, it's absolutely fine to deal with the probate yourself, this would,
in turn, make you the executioner of the will. Nevertheless, the most common
route to take is for people to employ the services of wills and probate
solicitor throughout the process. In turn, grieving for a loved one is an
emotionally charged time for lots of people, in turn hiring a probate solicitor
can offer you with some much-needed clarity during what is likely to be an
unsettling time.
With this in
mind, in this blog, we have collated some of the key information you need to
know in regards to wills and probate.
What is probate?
When someone
passes away and leaves behind some kind of property, finances and possessions –
their estate – you’ll need to suss out who is entitled to what. In order to
carry this out, you’ll have to understand what is referred to as a 'grant of
representation'. This indicates your authority to administer an estate. What
form this takes will be dependent on whether or not a will has been left
behind.
If the
deceased individual left a will and appointed an executor (sometimes more than
one executor will be named), that individual will have to get what is known as
a 'grant of probate'. Nevertheless, if there is not a will in place, the next
of kin will need to apply for what is known as a 'grant of letters of
administration'. This is fairly common practice and something you will be able
to seek assistance with.
The process
of applying for the grant and the document you use to manage the estate is
frequently generically referred to simply as 'probate' – so to keep things
simple in this guide, this is the term we will use. Probate is the same for
everyone in England, Wales and Northern Ireland, but if you live in Scotland
it's referred to as 'confirmation'.
Here we list some of the jobs that the
executor's would carry out in regards to probate:
●Gathering any assets, for example
money left in bank accounts
●Paying any bills
●Distributing what's left according to
the will
Does everyone require probate?
In short,
no. Lots of estates will not have to carry out this process. If the property is
jointly-owned and property and money given to a spouse or civil partner when
someone dies, probate will not normally be required. If you're uncertain
if probate is necessary, seek advice from HM Revenue & Customs ( HMRC
).
A grant of probate
Before an
executioner begins this legal process, they must apply for a grant of probate.
This legal document gives them permission to deal with the deceased’s legal
property. Probate will cease once all taxes and debts have been paid and their
inheritance has been passed on. If you have been named as the executor and
don’t wish to apply for probate yourself, you can request that a solicitor do
this on behalf of you.
What scenarios require a wills and probate
solicitor?
Apart from
general admin and impartial support provided and which comes with hiring wills
and probate solicitor, there are several other issues that may need the support
and guidance of one. This could include:
●A will being contested in relation 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 leaving a will behind
●The case involves a vast estate and
complicated details are involved such as trust funds
●The estate in question has gone
bankrupt
●The estate involves a foreign
property or assets overseas
●The value of the estate is receiving
consistent income
●The overall value of the estate is on
the boundary of an inheritance tax threshold
Particular circumstances when it is advised
that you use a solicitor
●You reside in a property with someone
who is not your husband, wife or civil partner
●You
wish to make provision for a dependant who is not able to care for independently
●There are a various relatives who
wish to make a claim on the will, an example being a second wife or children
from a first marriage
●Your permanent residence is not based
in the UK
●You are resident in the UK but there
is no overseas property involved
●There is a business included within
the will
How will this process work?
Every will
and estate will be slightly different, so with this in mind, the precise
probate process will depend on the instructions left on the will as well as the
assets, creditors, and the benefactor of the specific estate. This process
involving the executor will go along these lines:
●Gathering up any relevant information
regarding the estates assets
●Applying for a grant of probate
●Fill out an inheritance tax return
and pay any tax which is due
●You receive a grant of probate
●Repaying any outstanding debts left by the
deceased
●Distribute the rest of the estate in
accordance with what is stated in the will
A wills and
probate solicitor will be able to assist with any disputes that occur between
the executor, benefactors or HMRC.
The various types of will
Wills must
meet specific criteria in order for it to be valid. The person who makes a
will, known as the testator, must be at least eighteen years old and be of
sound mind. The testator is then required to choose an executor, which will
offer them the responsibility of distributing their property after passing.
They must sign and date this will and this has to be done in the presence of
witnesses. Moreover, in this process, there can be a few different types of
will. Understanding what type of will is suited or applicable to you can be
difficult, this is why it is recommended that you use a professional solicitor.
Broadly speaking, there are a few types of will available:
●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 deceased person, including their chosen executor as well as
their gifted items
●A mirror will - this is used when
there is a possibility that you may outlive the person who has made 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 type of will
allows you to express your wishes while fully aware of your decisions in the
event that in the future you are unable to make these choices. This is not a
legal binding contract but is taken into full consideration by doctors and
solicitors
When probate is not necessarily needed
●You may not need probate at all if
the person has passed away
●They had jointly owned land,
property, shares or money - these will automatically pass to the surviving
owners
●They only had savings or premium
bonds
●Contact each asset holder (for
example a bank or mortgage company) to find out if you’ll need probate to get
access to their assets. Every organisation has its specific rules
At
PJE Solicitors
, we realise how distressing and challenging it
can be to consider writing a will. So with this in mind, we make sure that you
plan ahead for the sake of your loved ones and get assistance from a will
writing service in Cardiff and Pontypridd today. Our professional expert will
and probate lawyers offer support and will make sure you don’t go through the
will writing process alone. From writing a will to the lasting power of
attorney, you can count on us at PJE Solicitors. To find out more, please
contact us
today.
