Grant Of Probate Meaning – A Grant of Probate might seem like a grand title for something – but it isn’t as daunting as it may seem.
We know that anyone who is applying for probate is doing so at an emotionally challenging time, and any additional stress is incredibly unhelpful.
In fact, It’s the reason that we set up Probate Solicitors Near Me.
Because we know just how important it is to make the probate application process as simple as possible for YOU – so you can deal with the other aspects of the passing of a loved one.
Probate is the formal process of releasing assets to the estate ready for distribution as per the deceased’s will – a grant of probate is the formal legal document that signals the approval of probate, so the estate can move forward with gifting the relevant assets to the beneficiaries.
For immediate assistance with probate, please either call us now on 0845 1391399 or complete a Free Online Enquiry.
Grant Of Probate Application
Probate applications have several key stages, starting with registering the death.
You should note that you MUST register a person’s death within FIVE days of their death in England, Wales, and Northern Ireland (it’s slightly longer in Scotland), and you’ll then be issued with a death certificate.
The death certificate is essential as many places will require this as proof to release the money, funds, and assets ready for distribution as part of the estate.
Following this, the probate process will continue as follows:
- You will obtain a valuation on the estate by accessing all bank accounts, pensions, investments, assets, and gaining a valuation on any properties
- You will then need to file inheritance tax (IHT) forms
- After this, probate applications will be filed
- Then probate fees will be paid
- And finally, IHT will be paid
Obtaining a valuation on their estate involves establishing ALL assets and liabilities in the deceased’s name.
This is a key part of the process as it determines what will be distributed as per their wishes outlined in their will – what the value of any investments, pensions, and property are, and whether there are any debts or liabilities.
You’ll need to contact several places to ensure that you get the full picture, including:
- Banks
- HMRC concerning any outstanding tax
- Pension providers
- Lenders
- Local authorities regarding outstanding council tax
- The Department for Work and Pensions
- Fund managers and investment brokers
As a reminder, the current nil-rate band for Inheritance Tax is £325,000. Inheritance tax is currently taxed at 40% of anything above the £325,000 threshold – so, if you’re estate is worth £400,000, then you’ll pay £30,000 in inheritance tax since that’s 40% of £75,000.
Grant Of Probate Solicitors Near Me
Probate Solicitors Near Me are here to guide you through the entire grant of probate process.
All of our solicitors are hand-selected to be the best at what they do, so you can be assured of a high quality, personal service, near to where you live.
To find a probate solicitor near you, simply click the button below, enter a few details and we will soon connect you with a probate solicitor for FREE.
Find a probate solicitor near me :>>
Or simply call us now on 0845 1391399.