‘Probate’ is the name generally given to the process of administering someone’s estate when they die. This process can include making an Inheritance Tax return to HMRC, finalising income tax affairs and pensions, collecting in the estate from banks, building societies and selling assets, paying money due to beneficiaries, making any gifts of items to beneficiaries and preparing accounts for the estate.
Probate can take anywhere between a few weeks to a year, depending on a variety of factors including whether the person left a will, the size of the estate and if the will is contested. Anyone who needs to sort out the affairs of someone who has died and needs to access their bank accounts, investments and other assets in order to pay their debts, Inheritance Tax and distribute their estate require probate in the UK.
Dealing with probate can be very complicated especially when there are many different assets to divide up. Let our team take one of the burdens off of your hands. Our team can assist your legal advisors in giving them a correct valuation of any properties left behind. This gives you the clarity that you are receiving the correct amount of money from the property and other more complicated issues can be dealt with.
If the deceased only owned a share in the property, their share will be reduced by a proportion of, say, 10% to allow for the notional difficulty of selling such a share, even if that portion will be passed on to a relative under any Will or intestacy. We understand the complexities of administering probate terms, and the very personal feelings of our clients when they lose a loved one. We take time with you to provide a professional and caring service.
