“Probate not Debate – be proactive with your probate planning and ensure your legacy is protected.”
Probate is the term that is given to the course of action taken when administering the deceased person’s assets.
This process is required whether or not a valid Will is in place. However having a valid and up to date Will, ensures your legacy is protected and your estate divided as you wish.
If your assets are held in joint names with your spouse or the estate is worth less than £5,000 probate is not necessary.
If however your loved one’s estate is in probate then it is the duty of the executor to administer the deceased estate. This process is often time consuming and can be complex.
It can seem like a daunting job to be given as the executor will need to calculate the exact value of the estate before applying for a “Grant of Probate” from the Probate Registry.
Usually, if the estate is worth over £325,000 then inheritance tax will apply and this must all be generally paid in full before a grant is released. After which the executor will need to swear an oath and complete the formal application to the probate court before the Grant of Probate is sent.
The executor will then pay off any debts incurred by the deceased, wind up the estate and distribute the assets in accordance with the deceased Will
This process can be complex due to the amount of paperwork and time involved. Especially as in many cases the deceased children are made executor’s and have to juggle this laborious responsibility with work / family and other commitments, not to mention the strain of losing a loved one.
This is the significant reason why many people choose Solomons Solicitors for assistance. We suggest the first step would be a valid up to date Will as this will remove potential complications later down the line.
Our specialist probate partner can guide you through the process or take the role of executor.
If you wish to handle your own probate, still give us a call to arrange a free no obligation consultation with our dedicated Wills and Probate team. Even if you wish to go alone we can provide you with assistance on the common pitfalls.
For more information on this article or to arrange a free initial consultation with Paul Solomons call us on 01202 802 807.
Author: Paul Solomons