The probate application process can seem like an insurmountable obstacle…
But it doesn’t have to be.
We recognise the fact that anyone who’s applying for probate is doing so at an emotionally challenging time, and any additional stress is incredibly unhelpful.
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.
To be connected to a specialist solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.
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
There are obviously other places you may need to contact. But, this should give you a rough idea of the sort of organisations you’ll be in contact with to obtain the final value of the estate.
Now, we mentioned property valuation, but we haven’t outlined what that actually looks like…
The good news is it can be pretty straightforward.
As a reminder, the current nil-rate band for IHT 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.
Now, if IHT is a potential issue, then you should be looking to obtain a written valuation. You should contact an estate agent or surveyor for this to ensure it’s reliable and at market value.
Probate Application Solicitors Near Me
The good news is that Probate Solicitors Near Me are here to guide you through the entire 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 or complete a Free Online Enquiry.