When someone dies, there can be a lot of things that need to be processed emotionally but also legally. Everything that they leave behind takes the form of an estate which will need to be dealt with. This means all of their assets, belongings, money and debts will need to be looked at and distributed amongst loved ones appropriately.
Having the legal right to do this on the behalf of the deceased is known as probate, and you will need this before you can make any financial plans or deal with any property.
Probate can be a very complex and stressful issue and so it is often beneficial to have the support of a professional solicitor such as those found at Loveday's Solicitors. We are experts in providing probate services to help you find your way through an already difficult time as easily as possible.
What is Probate?
When someone dies leaving any assets, whether they be property, money or possessions, they will need to be dealt with and distributed amongst their friends and family. If the person who died has left a valid Will, then probate will be the process of proving the Will is legal and confirming who has the authority to administer the estate. The executor of the Will is not able to claim, transfer, sell or distribute any of the assets belonging to the deceased before they have been given a Grant of Probate.
This is a legal document which allows someone to have access to the bank accounts of a deceased person, as well as giving them the authority to sell assets and settle any debts that might have been left behind. This is something that any financial institution will want to see before they will allow any access to the relevant accounts. If the deceased did not leave a Will, then the executor will need a Grant of Letters of Administration instead of a Grant of Probate, although this works in a very similar way.
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When Do You Need a Solicitor for Probate?
Do You Always Need a Solicitor for Probate?
Probate might seem like a complex legal matter, and so many people choose to hire a solicitor to assist them in the process. However, it is important to stress that there is no legal requirement to have a solicitor to apply for probate in the UK if you do not want one. You are entitled to apply for a grant of probate on your own if you prefer to and if you feel that you have a comfortable understanding of all of the relevant legal, tax and administrative implications.
For some simple estates, you may find that dealing with probate yourself is preferable. This can often be the case if you are only dealing with small amounts of money or assets that will not have any inheritance tax implications. In relatively uncomplicated situations it can therefore be beneficial to avoid the added cost of a solicitor if they are not needed. You may also want to avoid using a solicitor if the will is relatively simple and straightforward and there are very few beneficiaries to have to deal with.
Complicated Estates
Whilst some estates might be simple to deal with on their own, there are more complex situations that will require the support of a legal professional. This can sometimes be because the Will itself lacks clarity. The terms of the Will may not be entirely clear, especially if it has not been written with legal support. You will therefore need professional advice on how to verify that the Will is legal and valid, and to also understand any ambiguities that the Will might contain.
Estates which have assets based overseas can also become much more complicated. The rules that apply to these can vary and so you will need a specialist who is experienced in dealing with such matters to help get to the bottom of what you need to do.
Unfortunately, when someone dies there can be a number of disputes amongst a family, and this can make dealing with a Will particularly tricky. A professional solicitor is able to act as a neutral party amongst all of the beneficiaries, taking the pressure off the executor and helping to resolve any disputes.
Before any assets can be distributed, Inheritance Tax will need to be dealt with. This can also be a complicated subject and so having an experienced probate solicitor on hand can help you to calculate what the Inheritance Tax implications might be and how to ensure that they are paid.
Benefits of Using a Solicitor
Dealing with the assets of someone who has died can be an extremely complicated process. You will be required to make the application for the Grant of Probate and you will also need to collate up to date and accurate valuations of the estate. Once this has been done, you will then be able to calculate whether any Inheritance Tax is owed and how to pay it. This is not something that many people have to deal with very often and so it can be beneficial to turn to a professional probate solicitor who is used to handling such matters.
Dealing with the death of someone close to you can be a stressful and emotional time, and so you often will not want the burden of having to deal with their assets and taxes at the same time. A probate solicitor can help to make the process much smoother and take a lot of the stress and anxiety away from you, as well as saving you huge amounts of time.
Using a probate solicitor can help to minimise the risk of any errors and can reduce the personal liability of the executor. It can ensure that the will is dealt with much more efficiently, allowing all beneficiaries, executors and family members to receive what they are owed from the Will and to be able to gain closure for their grief.
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The Probate Process with a Solicitor
Initial Steps
When someone passes away, one of the first things that you will need to do is to register the death. This needs to be done within 5 days of the death taking place through a registry office. This process tends to be much quicker if you make use of a registry office in the area where the person died. In some cases, the hospital where they died may have their own registry office. When you register the death, you will receive a Certificate of Registration of Death, or a Death Certificate as it is better known.
This death certificate can then be used to initiate many other processes. You can contact the government “Tell Us Once” service to inform the majority of government organisations of the death at once instead of having to repeat the process multiple times.
You will then need to go through a process of assessing the value of the estate and calculating any Inheritance Tax that needs to be paid. You can then file the probate application through the PA4P form which will also require the death certificate, the original Will and a completed Inheritance Tax form.
If you are working with a probate solicitor, they will be able to complete much of this paperwork for you once you have received the death certificate and can apply for probate on your behalf.
Administration of the Estate
To value the estate, you will first need to make a list of any possessions and assets that are applicable. A solicitor can contact all relevant banks, financial institutions and insurance companies to help obtain proper values of as many assets as possible. They can also make use of other professional services to achieve valuations on assets such as property. It is also important to identify any gifts that have been made in the seven years before the person's death, as these will need to be considered in the valuation of the estate.
As part of this process, you will also need to establish what debts are still outstanding as these will need to be paid off. Once your solicitor has obtained a full value of this their state, there will need to be calculations made about inheritance tax. This only needs to be paid on estates which are valued at more than £325,000. This can therefore become a complicated process and it is important to have professional legal advice on the subject.
When all of this has been dealt with, it can then be possible to start the process of settling the deceased's estate. This will include distributing payments to any beneficiaries in coordinates with the terms of the Will and a final estate account will need to be provided for the beneficiaries as well as a final tax return.
Potential Complications and How Solicitors Help
There are many different aspects to the probate process that can contribute to making it much more complicated. This can often come in the form of a contested Will. This can occur if there is a suspicion that the deceased lacked testamentary capacity at the time in which the Will was executed.
This means that a beneficiary or person close to the deceased does not believe that they have the legal or mental ability to make a valid Will. They can also contest the Will if they believe it was put together under undue influence or coercion, or that there was a lack of knowledge on behalf of the deceased when they made the Will. It may therefore be necessary to defend the Will, and this can end up in court, so professional legal advice will be essential.
There can also be a number of complex tax situations involved in probate. Things such as gifts that were given during the deceased's lifetime and any joint assets or money held in trust can all affect what is covered by Inheritance Tax. It is therefore necessary to have a thorough understanding of the subject in order to know what Inheritance Tax applies to and how much tax may be due.
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How Lovedays Solicitors Can Help
At Lovedays Solicitors we appreciate what a difficult time it can be for anyone who has lost a loved one or someone who is close to them. This can mean that there is a lot of strain involved in dealing with the issues of probate and many people do not feel that they are in a place to be able to deal with this effectively and correctly. That is why the friendly and professional team at Lovedays Solicitors are here to help.
We have years of experience in dealing with all matters of probate, no matter how straightforward or complex they may be. We can assist with simple matters such as applying for a grant of probate all the way through to helping you value the assets of a Will and calculate any Inheritance Tax obligations. This could not only help to save time during the process, but can also help to reduce much of the stress that executors feel.
We deal with every situation with the utmost sensitivity at what we know is an incredibly emotional time for everyone involved. We are therefore ideally placed to help deal with any disputes that might arise, as we can act as a fair and honest neutral party to help everyone receive an effective resolution that they are happy with.
Turning to Lovedays Solicitors when dealing with probate can give all executors and beneficiaries the peace of mind that the entire process is being dealt with by legal professionals, and will therefore be correct, efficient and legal.
Conclusion
Applying for a granted probate and dealing with all the implications as a result of this can be difficult and emotional at the best of times. There can be a lot to try and understand and many people will naturally feel under prepared for the task. That is why turning to the professional probate solicitors at Lovedays Solicitors can help to deal with the estate, documentation and tax implications.
We can offer guidance on probate law and can deal with many of the processes on your behalf to make it a much easier burden to have to bear. Get in touch with one of our probate experts today to find out more about how we can assist you during this difficult time, to help ensure everything is dealt with quickly and professionally.
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