Probate is the process to establish ownership of an estate before the tax is paid and the assets distributed. Probate is the responsibility of the executors of a will who often appoint a professional firm, such as Peace Of Mind Wills, to take on the responsibilities. Probate is still required where there is no Will although the process is known as Letters of Administration.
The executors have a number of responsibilities, including:
- Settling funeral expenses
- Ensuring that the wishes of the deceased as expressed in the Will are carried out
- Identifying all the assets and claims against the estate
- Obtaining valuations of the joint and sole assets as at the time of death
- Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including businesses, are properly managed
- Preparing tax returns for the deceased for Inheritance Tax and Income Tax.
- Obtaining tax clearances before distributing the estate
- Settling all the debts of the estate including all taxes.
- Applying for Probate.
- Preparing accounts for the beneficiaries and after payment of all claims, distributing the estate.
Peace Of Mind Wills have teamed up with Kings Court Trust Ltd to offer a fixed fee Estate Administration service. Their proactive, transparent approach means that you can rest assured they’re always on top of what needs to be done. And when you want to check on progress, you can track your case online or speak to your personal estate adviser at any time.
We can visit the executors to talk through how we can help them and once they understand the complexity of the estate, quote them for the work involved.