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Probate and Inheritance

What is Probate?

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.

Why choose Hardmans?

  • A dedicated and experienced Probate Specialist will handle your matter from start to finish
  • We are authorised and regulated by the Solicitors Regulation Authority
  • Giving you peace of mind during a difficult and emotional time
  • This firm has been practising in Probate matters since the firm began (approximately 1890)
  • You can easily meet with your solicitor throughout the matter – no call centres and no out of town services

Is it easy to administer an estate?

There can be many complex issues that arise during the administration of an estate, which non-qualified people may not appreciate. Complexities can include:-

  • dealing with the deceased’s income and capital gains tax affairs
  • dealing with overseas assets
  • calculation of inheritance tax, and apportioning liability for payment between beneficiaries
  • dealing with creditors of the estate
  • preparing inheritance tax accounts and liaising with the Revenue staff with regard to any enquiries
  • finding missing beneficiaries
  • providing tax certificates for beneficiaries
  • preparing the Oath for Executors
  • preparing comprehensive Estate Accounts at the end of the process which provide a clear summary of the administration
  • setting up of and dealing with the administration of trusts for minors, disabled people or specialist adult trusts.

What is Intestacy

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.

What about Inheritance Tax?

  • We will calculate any Inheritance Tax and complete the relevant Inheritance Tax forms appropriate for each Estate administration (either IHT205 or IHT400)
  • We will communicate with HMRC to ensure all inheritance tax matters are dealt with appropriately.
  • We can advise and apply all available exemptions and reliefs to help reduce any inheritance tax liability as much as we can.

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.

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