Probate is the name given to the procedure of handling persons estate when they pass away.
This process is required whether or not you have a valid will in place. However, having a valid and up to date will in place ensures your legacy is protected and your wishes are respected.
When is Probate not needed?
Probate is not needed if you hold assets jointly or your estate is worth less than £5,000.
I have been named as an executor, what do I need to do?
As an executor you are responsible for administering the deceased estate. It can seem like a daunting job as you will need to calculate the exact value of the estate before applying for a “Grant of Probate” from the probate registry. This includes paying off any debts incurred and distributing assets in accordance with the Will.
Our specialist probate solicitors can guide you through the process. Whether you wish to administer the estate yourself or instruct us as executors we are able to handle all the paper work and formalities.
Contact us on 01202 802807 for a free one hour consultation at our Bournemouth office. Even if you wish to handle the estate alone, please still call us if you have any questions.
We are committed to transparency on our fees. Please click here for further details and indicative pricing for Probate services.
We are expert solicitors and can advise you in matters such as Wills, Probate, Trusts, Lasting Powers of Attorney and more. Contact us on 01202 802 807 to book a consultation at our Bournemouth office to discuss with a Private Client Service specialist the process and outcome of your matter.
Contact Paul or Alex on 01202 802 807 to book a consultation at our Bournemouth office.
Frequently asked questions
What is Probate?
The term probate simply means the process of handling someone’s estate once they pass away. An estate is defined at your home, savings, investments and any other property you may have. If the deceased person has a will, then there will be named executors, who are the people chosen by the deceased person to handle the estate. Click here to find out more: https://www.solomonslaw.co.uk/post/what-is-probate-and-what-do-i-need-to-know
Should I deal with Probate myself?
Whilst it is in some cases, “DIY” Probate is a more cost-effective option, there are both traps and opportunities which arise when someone dies of which a non-professional may not be aware, and which may be difficult to navigate without expert advice.
Such opportunities could take the form of significant inheritance tax savings for the estate and beneficiaries, whilst threats could be hidden liabilities (including inheritance tax) for which the Executors of the estate are generally personally liable.
Click here to read more: https://www.solomonslaw.co.uk/post/are-the-risks-of-diy-probate-outweighed-by-the-benefits
What is a Deed of Variation?
A Deed of Variation (DOV) is a document that allows a will (or indeed the rules of intestacy) to be formally varied for a period of up to two years following the date of death of a Testator. It requires the consent of any person who loses a beneficial interest in an estate as a result of the DOV but save thereto is a very useful tool to correct injustices caused by a will and to reduce existing or future Inheritance tax (IHT) liabilities.
Can I reclaim overpaid IHT?
Fortunately, in most cases it is possible to claim back overpaid inheritance tax.
The most common reason for an inadvertent overpayment of inheritance tax is either an overvaluation of assets at the date of death or a subsequent drop in the value of assets (most commonly property or shares).
For more information on the possibility of reclaiming overpaid inheritance tax, click here: https://www.solomonslaw.co.uk/post/can-you-claim-back-overpaid-inheritance-tax-1 or contact us.
Our lawyers are experienced in all areas of probate and estate administration including:
Wills and estate administration