Finding Ways To Keep Up With Estates

Guide to Obtaining Probate

This article will help you on how to obtain probate easily.

Probate is simply dealing with a deceased person’s assets according to what is written in his will. In order for the executor of the will to legally collect money from banks, building societies, and other organizations that are holding the assets belonging to the deceased person, and sell or transfer ownership of property legally, he first needs to obtain a grant of probate from the probate registry. If this is not applied for then these assets will remain frozen and inaccessible.

the executor of the will can obtain probate even without the need of a solicitor with a straightforward estate.

You cannot obtain probate if there is only a copy of the will available. In order to establish who has been appointed as the executor of the will, the original will should be checked. The Executor of the will is responsible to apply the probate and carry out the terms of the will.

Notification of the death should be given to every interested party. Every interested party should be sent notification in writing with the attached death certificate. These interested parties include banks, building societies, insurance companies, share registrars, investment and ISA providers, pension providers, tax and benefits authorities, creditors, etc.

There is a need to obtain the date of death valuation of the deceased’s assets since this information needs to be included in the probate and inheritance tax forms.

If the deceased person’s estate is valued below the inheritance tax threshold, then inheritance tax is not payable. There is also no payable inheritance tax is the spouse of the deceased is the sole beneficiary of the estate. A widow or a widower who has left the estate will have an inheritance tax threshold increased.

Inheritance tax forms should then be completed. If the estate value is less than the inheritance tax threshold then there is a special form to be completed for that, and another form is needed if inheritance tax is payable.

One you have completed the probate application forms, it should be submitted to the nearest probate registry, together with the inheritance tax form and the probate application fee and any other documents requested by the probate registry.

The probate registry then issues the grant of probate if there are no problems or further questions. With this grant the executor can then finalize the administration of the deceased’s person’s estate and implement the terms of his will.

The whole process can take between 4 to 12 weeks depending on how quickly your proceed.

This process is straightforward and does not require a solicitor unless the estate is complicated.

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