Probate may be a legal term you have heard but aren’t too familiar with. Basically, it is the word used to describe the legal and financial processes which are involved in dealing with the property, money and possessions.
Here in this blog, we take a look at some benefits of using a wills and probate solicitor and how they may be of assistance to you.
What is probate?
Probate is the process of administering a deceased person’s estate. This may involve coordinating the organisation of their money and possessions and then distributing them as a form of inheritance. You might be shocked to know that the number of adults in the UK who don’t have a will is at its highest rate, amounting to over 31 million.
What scenarios will require wills and probate solicitors?
Other than the simple administrative and impartial guidance that comes with using a wills and probate solicitor, there are a few other issues that may require the support and guidance of one. This includes:
● A will being contested in terms of its validity and or if dependants were left out of the will (and they are likely to contest this)
● The deceased person has passed without a will
● The case involves a large estate and complex details are involved such as trust funds
● The estate in question is bankrupt
● The estate involves a foreign property or asset
Every will and estate will very much vary, the precise probate process is reliant on the instructions left on the will as well as the assets, creditors, and the benefactor of the estate itself.
This process involving the executor will go something like this:
● Get the relevant information related to the estate’s assets
● Apply for a grant of probate
● Fill out an inheritance tax return and pay any due tax
● You receive a grant of probate
● Repay any outstanding debts left by the deceased
● Distribute the rest of the estate in accordance with what is stated in the will
A wills and probate solicitor will also support you with any disputes that occur between the executor, benefactors or HMRC – which can also be extremely reassuring to know.