If you require Probate services in the March or Wisbech areas, Bowsers Solicitors is on-hand to help you understand the process, including timescale information and what to expect.
Probate is a legal and financial process involving the property, money and possessions of a person who has passed away. Before the deceased’s next of kin (or Executor of the will) is legally able to distribute, claim, transfer or sell any assets, they might have to apply to go through the Probate process. This can involve complex legal work which takes place over the five following phases:
1) Asset Identification
During this phase, your March or Wisbech-based lawyer will highlight assets (possessions, property, investments) and liabilities (unpaid bills, loans, other debts) of the deceased. Liabilities are deducted from assets to determine the value of the deceased’s estate.
2) Inheritance Tax Payment
Probate sometimes requires payment of inheritance tax to HMRC. Your lawyer will be able to submit an Inheritance Tax form on your behalf (regardless of whether any tax is due or not). At this stage, your lawyer will also help you apply for a Grant of Representation from the Probate Registry. This document confirms the authority of the executor to administer the deceased’s estate.
3) Administration/Settling Further Liabilities
After the issuance of a Grant of Representation, the deceased’s assets are liquidated to pay income tax/capital gains, settle liabilities and cover admin expenses.
4) Preparing Account Documents Of The Estate
Accounts which document the payments (both in and out) of the Estate will be prepared. These will show the remaining balance to be distributed among the beneficiaries of the Estate. These documents should be forwarded to each Personal Representative and approved by all parties.
5) Asset Transferral
If no challenges to the Estate have been issued, and there are no other mitigating factors which could prevent distribution, the final phase of Probate begins. This involves the transference and distribution of funds/assets to each beneficiary.
If you require will and Probate services in the March and Wisbech areas, why not get in touch with Bowsers today? We understand that Probate can be a stressful process, particularly if you’re struggling with bereavement. This is why we implement care, compassion and attention to detail in everything we do.
Probate errors can be costly and could even delay the division of funds and assets to the right beneficiaries – so why not allow our March and Wisbech-based experts to take care of all your disputes, legal paperwork and other issues during this difficult time? Call us and we’ll be happy to help.