In most cases where someone dies with assets exceeding £5,000 their Executors (if there is a Will) and Administrators (their next of kin, if there is no Will) will have to apply for either Probate or Letters of Administration. This Court document ‘unlocks’ the assets so that debts can be paid and the estate administered.
Seems simple enough? Well, remember that there can often be many more matters to deal with, and anyone acting as Executor or Administrator has personal liability to the Beneficiaries. As such, it is vital for them to get things right.
There are many reasons as to why matters might not be totally straightforward. For example, is there a house? Is it being sold or transferred? What are the tax implications of each option?
Moreover, did the deceased hold any shareholdings or ISAs? If so, do you need financial advice as to whether to encash or transfer these?
Additionally, is there Inheritance Tax to pay and, if so, where is the cash coming from to pay it? Have you all of the information to wind up the Deceased’s Income Tax?
Have you considered the rights of the Beneficiaries? Are any of them Charities and if so what special rules apply to them?
We offer a cost effective and efficient Probate Service covering all aspects of the work from compiling the information, obtaining Probate/Administration, winding up the tax affairs, distributing the estate and assisting with or administering any ongoing Trusts created by the Will.
Our charges depend upon the amount of work undertaken, but we will provide an estimate at the outset which will not be exceeded without your prior agreement.