By
definition, probate is the legal and financial processes involved in dealing
with the property, money and possessions of someone who has passed away. A
probate solicitor can help those who have lost family members or friends, which
is undoubtedly a highly emotional time for those left behind. Moreover, they
will also be dealing with the various types of taxation that need to be dealt
with when someone dies, this includes income tax, capital gains, and
inheritance tax.
What is probate?
This is
essentially the process of administering a deceased person's estate. This
involves the organisation of their finances and possessions and then
distributing them as inheritance. If the deceased person has left a will, it
will indicate who they have chosen to leave the estate to, this individual is
then known as the executor of the will.
How does the process work?
Every will
and estate vary. The precise process can be largely dependent on the
instructions left on the will itself as well as the assets, creditors and
benefactors of the estate. The process goes something like this:
● Attaining the relevant information regarding
the assets
● Putting an application in for the
grant of probate
● Filling out an inheritance tax return
and paying any tax that is due
● You’ll receive a grant of probate
● Repaying any outstanding debts left by the
deceased person
● Distribute the rest of the estate in
keeping with what is stated in the will
There are
countless benefits to using a probate solicitor, and doing so can save you a great
deal of stress for the relatives or loved ones you leave behind as well as
giving you some much needed peace of mind. Here are just a few of the main
benefits of using one:
● Protecting your assets if there is ever an issue: solicitors are regulated, this
indicates that if you have any kind of
problem you can file a formal complaint to the firm you have chosen to work
with.
● No errors:
regular issues with wills include using the incorrect witnesses or forgetting
to get the will itself signed, this could
mean the will won’t be valid. Using a solicitor minimizes the risk of all of
this.
● Your will is going to be secure: a reliable solicitor will usually store it for you, common
practise is to keep it stored in a secure safe.
If you need
to make a will or you would like to alter the terms of an existing will, here
at Hawley and Rodgers, our team of wills and probate solicitors in Loughborough
and Nottingham will be more than happy to provide you with all the assistance
and advice you need. We provide a variety of will writing services all at
extremely reasonable rates. Get
in touch
to find out more.
