Probate is the process of proving a Will is valid through an application to the Probate Court. Probate usually relates to Estates where a Will exists but the same process is usually followed in estates where no Will is available. A Grant of Probate is not always required and depends on the value of the estate. A Grant of Probate is usually required where a property is to be sold, there are stocks or shares or other share based investments or if there are cash assets worth more than £25,000.
There can be many complex issues that arise during the administration of an estate, which non-qualified people may not appreciate. Complexities can include:-
Our team can help you if you have lost a family member or friend and no Will can be found. This process is called “Intestacy” and a set procedure must be followed to ascertain who must act as “Administrator” (like an Executor but not appointed by Will) and to whom the assets of the estate should pass. This can be a difficult and sometimes upsetting process but our knowledge and experience can help ease the process.
There are lots of different ways to legally reduce the amount of inheritance tax which might have to be paid. This includes applying, where you can, the Residence Nil Rate Band Relief and, if available, Transferrable Residence Nil Rate Band Relief. These reliefs apply if you own your own home and you leave it to your direct descendants (including step-children). There are other criteria that must be met for a claim to be successful. We would ascertain whether this relief is available to you/your estate in order to ensure you pay the least amount of inheritance tax possible.
Click here for more information about the Probate procedure and costs involved.