Probate
What is Probate?
Probate is the process of dealing with a deceased person’s estate (assets and liabilities). It includes distributing the estate among the beneficiaries.
Choosing your Executors
The Executors are the individuals responsible for doing this. It is important they know they are being appointed, that they want to be appointed and they have all the information they may need to fulfil their role. If an Executor is removed from a Will, they also need to be made aware.
Back-up Executors
Back-up Executors can be appointed if the first choice is/are unable or unwilling to act.
Probate requires the Executors to fulfil a number of duties which include:
- submitting a full inheritance tax form (IHT400) and paying inheritance tax (if applicable);
- sending the Will to the Probate Registry (known as “proving” the Will) to obtain the “Grant” of Probate
- “Realising” the assets such as closing accounts and selling property etc. before paying off liabilities, clearing any tax with HMRC and distributing the remainder to the beneficiaries.
What happens if there is no Will?
If there is no Will (an “intestacy”), a close relative can apply to the Probate Registry to be officially recognised as the person responsible for the estate known as a “Personal Representative”.
If there is nobody appropriate who can act as an Executor, or if an independent professional is needed to act alongside family members or friends as a safeguard – I can step in as a professional Executor.
What I offer
I have over 20 years’ experience dealing with estates and can guide you through the process from start to finish, with not only sound legal advice but also practical and pragmatic advice based on my wealth of experience. If you need assistance with a particular part of the administration I can provide a bespoke quote limited to that specific area or task. Just get in touch and we can discuss the detail further.
If beneficiary’s want to vary the terms of the Will for inheritance and capital gains tax purposes I can also assist with drafting a Deed of Variation.
Feel free to call me on 07918 893175 for further information or if you would like to discuss your circumstances. Alternativly you can email your query to james@jpwinfield.co.uk or through my contact page.
