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Simpler Probate.
Probate Overview.
Understanding the legal process of Probate
Probate is the term used for the legal process which grants the authority to deal with the assets of the deceased to their personal representatives (Executors).
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In reality there are a number of different 'Letters of Representation' that must be obtained depending on whether the deceased left a Will or not. ‘Obtaining Probate' can refer to when there is a valid Will in place or if the deceased has died intestate. Probate can also be carried out by a Professional Executor appointed by the deceased or their chosen Executors.
What is the Process for Probate?
Understand the processes involved with Probate, before and after the Grant Application.
Process to follow
Before Grant Application.
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Check there is a valid and correctly attested Will
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Ascertain beneficiaries and the nature and extent of their gift
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Determine the extent of estate assets and liabilities
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Protect the estate assets
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Inheritance Tax Return to the HMRC
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Make a Probate grant Application to the court
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Publish statutory notices
Process to follow
After the Grant Application.
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Open an executor account to hold the estate funds
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Collect in all the deceased’s assets
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Pay any debts and liabilities
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Complete an Income Tax and Capital Gains Tax return for the administration period
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Adjust IHT payable where necessary
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Distribute legacies in accordance with the Will
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Distribute the residuary estate
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Complete and distribute R185s, a return on income tax, to beneficiaries
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Preparation and approval of estate accounts
The Role of an Executor.
Appointing the right Estate Executor
An Executor is a person, or organisation, appointed by someone to administer their estate after they have passed on. This is an important role which carries the responsibility to ensure the individual’s final wishes are carried out. The Executor has a personal liability to ensure all legal obligations proceed correctly and involves a number of tasks and responsibilities.
Choosing a close friend or family member as an Executor risks placing an unnecessary burden on them as the process can involve a great deal of time, effort, stress and even financial costs; some of which can be complex and daunting. Instructing a professional to act as Executor means the professional can take on the responsibility of the administration as soon as they are contacted.