When someone dies there is an awful lot to do, from registering the death and organising the funeral, to paying bills, dealing with the Inland Revenue, and arranging a house clearance, there’s a whole list of jobs to be done.
So, what is Probate?
Probate is a legal document that provides the Executors with the authority to collect, manage, sell, and distribute the assets of the individual that died. It is the ‘proof’ of all that has been written in the individual’s Will. Without this document, which takes some time to arrange, then nothing can happen.
If the person who died had not written a Will then typically the next of kin will need to go through a similar process to obtain legal authority by way of ‘Letters of Administration’.
When arranging Probate or obtaining Letters of Administration there are key areas that you must show consideration to:
- Your Executors – Should be competent, trustworthy and sufficiently intelligent that they understand the complexities of the task in hand, including that they may need help and that they are carrying personal liability for their actions.
- That Inheritance tax may be payable and that this tax is payable prior to the distribution of the Estate assets. Tax may be payable before assets have been gathered, the Executors are responsible for paying this.
- That the financial side of things can be complicated, a bank account will need opening, the funeral will need paying, any debts will need to be settled and the Estate will need to be distributed exactly in accordance with the wishes of the deceased.
- There is a great deal of responsibility and personal liability on the shoulders of those responsible for your Estate, you must be sure they are up to the job!
Probate is often very complicated, dealing with the Inland Revenue can be stressful, the process takes energy and is time-consuming. So, select carefully or simply appoint us and we will complete the process for you.
