Probate
What is Probate?
A grant of probate or letters of administration is a document issued by the Probate Registry to enable you to deal with someone’s assets after they pass away. The grant serves as confirmation that you are the authorised legal representative and will allow you to close bank accounts, sell or transfer property, and deal with other assets.
When someone dies with a will (testate), the grant is called probate. When someone dies without a will (intestate), the grant is called letters of administration.
What does the role of an Executor involve?
An executor is legally responsible for carrying out the wishes in a will. They must collect the estate’s assets, whether cash, property, investments, etc. They will also need to settle all estate liabilities and ensure that funeral costs are paid. It is a personal responsibility, so the executor must ensure they act in the best interests of the estate.
In some cases, there may be tax liabilities for the estate, including inheritance tax, capital gains tax, and income tax. These issues must be settled by the executor. The executor must also ensure that the beneficiaries receive their entitlement in a timely manner.
How can Wildings Solicitors help you?
At Wildings Solicitors, we can help you with this often-complicated process by handling estate administration from start to finish. We can collect the estate’s assets, prepare the probate application, submit it to the Probate Registry, and if required, submit an inheritance tax return to HMRC, settle liabilities, and distribute the estate to the beneficiaries.
- Comprehensive service: Navigating the probate process can be daunting, but our team is here to provide comprehensive assistance. Whether you need help completing complex forms or understanding your legal obligations, we offer expert guidance tailored to your unique situation.
- Personalised client care: At Wildings Solicitors, we prioritise personalised client care, providing compassionate support and clear communication throughout the probate process. Our dedicated team is here to address your concerns, answer your questions, and guide you toward a successful outcome.
- Legal expertise you can trust: With years of experience in probate law, our solicitors have the knowledge and expertise to handle even the most intricate probate matters. We ensure that all legal requirements are met promptly and accurately, giving you peace of mind during this challenging time.
- Inheritance tax efficiency: Whether it is a low-value estate with no inheritance tax liability, or a high-value estate requiring work to reduce inheritance tax, we can assist with claims of business property relief, agricultural property relief, or other applicable tax allowances and reliefs.
- Efficient probate processing: We understand that probate can be time-consuming, but our streamlined approach ensures efficiency without compromising on quality. From gathering necessary documents to liaising with the Probate Registry and HMRC, we expedite the process to minimise delays and ensure prompt resolution.
Case Study 1
We administered the estate of an individual who left assets to several family members and had debts that needed to be settled. The family did not want to deal with the paperwork and legal process involved, including selling the house, paying the mortgage, and closing accounts.
Wildings Solicitors were instructed to handle this matter to alleviate the family’s stress. We successfully applied for probate in a timely manner, collected all assets, settled liabilities, and distributed the estate to the beneficiaries.
Case Study 2
Wildings Solicitors were named as the executors in an individual’s will. Upon their passing, we were informed by the family and took on the administration. We arranged safe storage of the individual’s valuable jewellery, conducted a thorough assessment of their assets and liabilities, and dealt with all the beneficiaries.
Some beneficiaries were not known to one another or to the family or executors. We can handle situations like this by tracing individuals, informing them of their entitlements, and ensuring they are paid accordingly.
If someone left a will, it will be the responsibility of the named executors to apply for probate. In some rare circumstances, the executors may not wish to carry out this task. If this is the case, get in contact with Wildings Solicitors, and we can help you navigate the law and obtain a grant in the next most appropriate person’s name.
If there was no will, there are strict rules about who can be the administrator. A specific order of priority must be followed, with the first in line being a spouse or civil partner.
An executor is the person named in a will to administer an estate. Their authority as an executor begins immediately after the testator’s passing.
An administrator is someone appointed by the Probate Registry to administer the estate. Their authority to deal with the estate begins once letters of administration have been granted.
The majority of asset providers will require sight of a grant before they allow you to deal with these assets. This is because the grant serves as confirmation that you are legally authorised to handle the estate. In some instances, a bank may release the funds without a grant, but this is only if the balance is below their individual thresholds. When there is sole ownership property—and often even when there is jointly held property—a grant will be required to transfer or sell the property. Without a grant, you would not be able to access these assets.
Yes, you may still need probate. Depending on your relationship to the deceased, you may be entitled to apply for probate. Distribution will be subject to the rules of intestacy.
If I apply for probate, does that mean I am entitled to the estate?
Just because you are named on the grant, it does not necessarily mean you are entitled to the estate. Where there is a will, the terms of the will must be followed, and the estate must be distributed accordingly. If the deceased died intestate, the rules of intestacy must be followed, which dictate how an estate is to be distributed.
If you do not want to administer an estate in your capacity as executor, you have the option of renouncing your executorship. This is a permanent decision, and you will not be able to ‘step back in’ after renouncing. You cannot renounce after you have started dealing with the deceased’s assets or intermeddled in the estate.
Alternatively, you may wish to be ‘power reserved’ if there is more than one executor. If you decide to reserve your power, you are taking a back seat and not actively participating in the administration of the estate. The remaining executor(s) will be left to administer the estate. This is not a perm
This depends on several factors, including the value of the estate, how it is to be distributed, and the available allowances and exemptions. We can assess the estate and identify whether tax is payable, as well as claim any relevant allowances and reliefs to ensure the estate is administered in the most tax-efficient way possible.
In most cases, inheritance tax is not payable; however, we will be able to investigate this for you and confirm your position.
At Wildings, we ensure that the best advice is provided to our clients. While we are not tax experts, we work with other organisations that can provide the expert advice you may need.
Currently, the Probate Registry advises that application processing times are approximately 16 weeks. After the grant has been issued, assets can be collected, and liabilities can be settled.
Book your initial consultation with our Wills & Probate Solicitors in Birmingham. Freephone 0330 333 8797, request a callback or email info@wildings-solicitors.co.uk for specialist advice.
