Probate is the legal and financial process of dealing with the property, money, and possessions of a person who has died.

Legals

Preparing all the necessary legal paperwork

Grant of Probate

Managing the fact finding process and applying for the Grant of Probate

Estate Administration

Taking full responsibility for all estate administration and correspondence with third parties

Property

Appointing approved specialist professionals to handle any property sale from start to finish

Tax

Dealing will all relevant calculations and correspondence with HMRC

Finance

Ensuring any debts and liabilities are paid in full, bank accounts either closed or moved to correct names and all other financial assets are correctly handled

What is Probate?

Probate Definition: In England and Wales Probate is the word normally used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.
Before the next of kin or Executor named in the Will can claim, transfer, sell or distribute any of the deceased’s assets they may have to apply for Probate.
When Probate has been granted through a Grant of Probate or Letters of Administration the next of kin or Executor can start to deal with the deceased person’s assets in accordance with their Will. If the deceased died without a Will the law will determine who should receive everything, see probate without a Will for complete details.

The Probate Process Explained

Probate Phase 1.

Identifying all of the deceased’s assets (property, investments and possessions) and all of their liabilities (debts ranging from loans to utility bills), 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, liquidating (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 (such as the Executor in the Will) 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.

Leading

At Leading, we can provide you with the support and knowledge to alleviate you of having to do this work yourself. Our team are friendly, approachable and knowledgeable and will be very happy to help. Determining if probate is required may not be straightforward or clear. The easiest way to find out is to contact our probate advisors on 01603 552028 or contact us online or on our live chat and we will be happy to help you.