In its strictest sense, ‘probate’ is defined as the legal process of proving a Will is valid.
However, the phrase has expanded and is now commonly used to describe the wider estate administration process, which involves various legal and financial tasks in dealing with the property, money and possessions of someone who has died.
These can vary according to the specific assets and their value in each case but usually include preparing inheritance tax (IHT) forms, closing bank accounts, selling property, and distributing assets.
Probate can be complex and time consuming. Mistakes are common, particularly as the process is often left to people with limited experience of what is involved and little knowledge of how it works.
If you are the executor or administrator of an estate, it is vital that you understand your role and responsibilities before you start probate. Administering an estate can be overwhelming, and without professional guidance can be hard to navigate.
Executors and administrators can appoint legal help, such as a solicitor, to assist with probate, with the costs recovered from the estate.
Whether you require some initial advice, or would like a solicitor to deal with the entire process on your behalf, Bowsers Solicitors can help.
To speak to one of our friendly probate solicitors or chartered legal executives today, please call 01945 583194 (Wisbech) or 01354 652606 (March) or email reception@bowsers.co.uk. Alternatively, you can fill in our contact form.
In this blog, our experienced Probate Solicitors consider how a solicitor helps with some common mistakes made during probate.
- Problems with the Will.
A Will can throw up numerous issues for executors. It may be that the deceased’s Will cannot be located, or that you are not confident it is the most up-to-date version. A DIY Will that is homemade or has been drawn up by using a template found online could be invalid or unclear.
Solicitors have extensive experience in locating, understanding and interpreting Wills and can clarify ambiguities.
- Failure to locate assets.
Identifying and gathering all the assets that comprise an estate can be challenging. Many people hold small sums in accounts that are forgotten about, and accessing digital assets can be problematic.
However, it is an executor’s responsibility to collect all an estate’s assets and distribute them correctly.
A solicitor experienced in probate will help to complete a full financial asset search.
- Inaccurate valuations.
Probate requires accurate and up-to-date valuations of all the assets that comprise an estate and HMRC recommends that professional valuations should be obtained for any assets of an estate worth over £1,500.
Outdated or estimated valuations may mean beneficiaries miss out. Valuation mistakes may also affect the amount of IHT that is paid, with executors personally liable for any underpayment.
- Missing beneficiaries.
Locating all the beneficiaries named in a Will can be difficult. Some Wills leave gifts to groups of people rather than individuals (such as ‘grandchildren’).
Personal representatives are required by law to take all ‘reasonable steps’ to track down beneficiaries.
A solicitor can advise on what this involves and helps negotiate with uncommunicative or uncooperative beneficiaries if necessary.
- Challenges to the Will.
Certain people are allowed to contest a Will if they feel they have not been adequately provided for, and probate cannot be finalised until these disputes are resolved.
A solicitor with experience in contentious probate can pre-empt any issues and advise on the best course of action for a swift resolution.
- Inadequate record keeping.
Executors must keep a record of all financial transactions made to and from the estate. This includes producing receipts for debts paid, evidence of any expenses, and written confirmation of what beneficiaries received.
Failing to record transactions, no matter how small, is a common oversight that can lead to big problems.
Personal representatives also often make the mistake of keeping money from the estate in their personal bank account. Although this is usually done unwittingly, it amounts to a breach of executors’ duties.
Guidance from a solicitor specialising in probate will ensure the correct procedures are followed and the estate is administered fairly.
Probate Solicitors March and Wisbech
At Bowsers Solicitors, we understand that being tasked with distributing an estate following a loved one’s death can be difficult. Our team of solicitors is here to help.
We can help with the administration of an estate in various ways, including:
- Inheritance tax advice.
- Estate account preparation.
- Accounting for income tax during the administration period.
- Deed of variation preparation.
- Obtaining a grant of probate.
- Payments of debts and expenses.
- Distribution of the estate to beneficiaries.
Our specialist probate solicitors in March and Wisbech have assisted many local people with their estate administration matters and deal with all legal issues efficiently and effectively.
Even if you believe that your case is straightforward, it is sensible to seek legal advice. This will provide added peace of mind that specialist advice is on hand if any unexpected issues arise.
To speak to one of our friendly probate solicitors or chartered legal executives today, please call 01945 583194 (Wisbech) or 01354 652606 (March) or email reception@bowsers.co.uk. Alternatively, you can fill in our contact form.
