Wills and Probate
Probate and Estate Administration
We can assist you whether you are an Executor, beneficiary or other party with an interest in the Estate of a person who has passed away.
We can assist you in administering the Estate of a relative. Probate is the generic term for Estate administration, but in fact it means obtaining a Grant of Probate and administering the Estate where the deceased left a Will. Where there is no Will, the same process is called obtaining Letters of Administration.
The steps involved in estate administration are as follows:
- Applying for a Grant of Probate at the District Probate Registry (if there is a Will)
- Applying for a Grant of Letters of Administration (if there is no Will).
- Valuing the estate and reporting it to HMRC
- Collecting in the assets of the deceased including money after the sale of property or shares
- Paying off all debts including utility bills
- Keeping a record of how the estate will be divided amongst the beneficiaries
- Passing the relevant assets to the beneficiaries
- Dealing with the tax consequences of the person’s death, including considering Capital Gains Tax, Inheritance Tax and Income Tax for the last period of the deceased’s life, and the administration period.
- Paying any Inheritance Tax due
We recognise that the Probate process can be a stressful and emotional period. We are here to hold your hand and guide you through this challenging task so that you can be certain that the Estate has been distributed properly.
Writing a Will is one of the most important things you can do. It allows you to leave your money, possessions and property to those that you wish to benefit in the event of death. If you die without making a Will, it can lead to unintended financial disputes and emotional distress for your family. We provide a comprehensive advice and drafting service for the preparation of your Will to ensure that your Estate is left as you intend it to be divided amongst your beneficiaries.
If you die without making a Will, you would be considered ‘intestate’ which means that your Estate would be divided based on the prescribed Intestacy Rules. This can often lead to family disputes and assets passing to individuals who you may not have wished to benefit from your Estate.
A Will enables you to:
- Choose people who you like and trust to carry out your wishes as set out in your Will
- Make proper provision for your spouse or partner
- Provide financial protection for your children
- Appoint guardians to look after your children’s welfare until they reach adulthood
- Provide protection and support for an individual who may have special needs
- Ensure that the tax payable on your death is no more than it is necessary
It is important that you review your Will as your circumstances change. Life events such as marriage, divorce and the death of a loved one would no doubt affect who you wish to benefit from your Will. You may also wish to update your Will when your children reach adulthood, the birth of a grandchild/ren and the breakup of an adult child’s marriage.
We offer a bespoke service to ensure that your Will is prepared in accordance with your absolute wishes and we can also assist you with Sharia compliant Wills. The things you should think about before making a Will are:
- Executors – who would I like to appoint to follow the terms of my Will after my death?
- Guardians – Do I need to appoint a guardian to look after my infant children?
- Legacies – would I like to make any specific bequests to named individuals or to charitable organisations?
- Residue – who would I like to inherit all of the remainder of my estate?
- Age of entitlement – if I would like my children and/or grandchildren to inherit from my Estate at what age should they be entitled to receive their inheritance?