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Probate & Estate Administration.
Probate Overview.
Our Probate Services aim to take away all the stress and difficulties of the practical elements.
We understand that suffering the loss of a family member, spouse or friend can be a difficult time. Experiencing a bereavement can make it difficult to deal with the practical aspect of administering the estate of your loved one. There are lots of Government bodies and institutions who must be contacted, and it can be hard to know where to turn first.
Our probate services aim to take away all the stress and difficulties of the practical elements, leaving you free to concentrate on the important process of grieving and spending this time with your friends and family.
Understanding Probate.
What is Probate?
Probate is the term used to describe the legal process an individual needs to follow so that they can deal with the assets and estate of a loved one who has passed on.
Whether the deceased has left a Will or not, a ‘Letter of Representation’ or ‘Grant of Probate’ will be required in order to act in most cases.
What is the Process for Probate?
Understand the processes involved with Probate, before and after the Grant Application.
Process to follow
Before Grant Application.
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Check for a valid and correctly attested Will
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Identify beneficiaries and the nature and extent of their gift
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Determine the extent of the complete estate assets and liabilities
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Ensure the estate assets are protected
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Send a completed Inheritance Tax Return to the HMRC
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Have the statutory notices published
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Make a Probate Grant Application to the court
Process to follow after Obtaining the Grant of Probate.
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Set up an executor account to hold the estate funds
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Collect in all the assets of the deceased
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Pay any outstanding debts and liabilities
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Complete Income Tax and Capital Gains Tax returns for the administration period
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Adjust the IHT payable where required
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Distribute legacies as instructed in the Will
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Distribute the residuary estate assets
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Complete and distribute the R185s, a return on income tax, to all beneficiaries where required
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Final preparation and approval of estate accounts
Choosing an Executor.
Professional Executors & Estate Administration
Whilst it shows trust in a loved one, selecting a family member to act as your Executor can add unwanted pressure at a time of grief and distress. In administering the estate of the deceased, the Executor takes on legal responsibility to ensure all legal obligations are completed correctly. This is in addition to making sure that all wishes set out in the Will are also met.
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Choosing a professional Executor to administer your estate means that this extra pressure and work is passed on to someone with knowledge and experience of the process. This is especially beneficial in situations which may require changes in property ownership, potential Inheritance Tax Liability, or other complex issues. Many of our clients have chosen to name a combination of these, one family member or friend, and ourselves to act in a professional capacity.
Probate Overview Brochure.
Your Detailed Guide to Probate at Northwood Banks.
We've put together a more detailed guide to Probate, containing greater info on who can obtain a grant, the process (pre and post grant), executors, beneficiaries, and more.
You can download this PDF document, or simply view online by clicking the button below.
