Probate
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Probate
Probate is the process of proving the validity of the will (or intestacy) and from there obtaining the grant of representation (the official confirmation) that the executor is entitled to administer the estate. Fundamentally this involves satisfying the requirements of the probate registry and the Inland Revenue.
Sometimes the probate process can be very complex and lengthy, sometimes it can be very quick and easy and sometimes it is not needed at all. Whatever the situation we are sure that we can be of service. It might only be to offer free advice to give you the confidence to go forward on your own.
At Stamford Estate Planning we can either provide a full service to take over the whole responsibility for the estate or should you prefer, we can deal only with the particular areas where you would like some support. Our role is to provide help and assistance at what is a very painful time for families.
If you have come to our website because you have suffered bereavement and are facing the responsibility of dealing with the legal and fiscal issues that the law insists must be resolved in this situation. Please call us even if it is only to ask us a simple question. It is what we are here for.
The probate process explained
The Probate process often involves a lot of complicated legal, tax and financial work which can be broken down into five different phases.
- Probate Phase 1. Identifying all of the deceased’s assets and all of their liabilities, in order to determine the value of their Estate. At the same time, verifying entitlement to the Estate under the terms of the deceased’s Will, or in accordance with Intestacy laws if they died without a Will, and obtaining the necessary identification documents for those beneficiaries.
- Probate Phase 2. Paying Inheritance Tax to HM Revenue & Customs (HMRC) where applicable, and submitting the correct Inheritance Tax return (required whether or not there is tax due), and applying to the Probate Registry for the Grant of Representation, being a document confirming the legal authority to administer the Estate.
- Probate Phase 3. After the Grant of Representation has been issued by the Probate Registry, selling the deceased’s assets, settling their liabilities, paying the final Estate administration expenses and accounting to HMRC for any further Inheritance Tax, any Income Tax or Capital Gains Tax due to or from the Estate.
- Probate Phase 4. Preparing Estate accounts documenting all payments into and out of the Estate, and showing the balance left for distribution to the beneficiaries. Sending the Estate accounts to the Personal Representatives for approval.
- Probate Phase 5. Providing there are no challenges to the Estate or other complicating factors preventing distribution at this stage, the final phase will involve transferring any assets that the beneficiaries wish to retain, and distributing the balance of the Estate funds.