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When somebody close to us sadly dies it can be a very stressful and difficult time. Our specialised Probate team are here to advise you where to start and help you through the Probate process.
Book Consultation TodayProbate is the whole process of administering an estate when someone dies. In simple
terms this involves organising their money, their assets and all liabilities and outstanding debts.
Probate also refers to getting permission to carry out the wishes within someones Will.
If there is a Will in place for the deceased, a person will be named, known as the executor and will
follow the wishes stated by the deceased.
Probate is needed before any administration of the deceased’s estate can start.
Probate is the legal right to deal with someone's property, money and
possessions (their 'estate') when they die.
The executor(s) named in a person's Will, is responsible for Probate. An executor(s) is
usually a family member or friend. However, some people appoint professional executors to
carry out the process on their behalf. Even if you have appointed family members or friends,
they can get professional help if needed. By delegating some or all of the work associated
with Probate to an experienced and qualified probate provider.
To apply for Probate, the executor that is appointed under the Will has to value the entire
estate and apply to the Courts to obtain the Grant.
Probate takes at least a few months to complete. In most cases, the entire Probate administration process will take around 12 to 18 months. The Probate process involves three main stages:
You need to complete the application for a Grant of Probate, the
legal document giving you authority to deal with the estate. This involves
collecting in current values of all assets and liabilities and notifying a
number of organisations. Once you have gathered all the necessary information
you can apply for the Grant. Extensive guidance notes are available on the
government website.
Executors are personally responsible and financially liable for any errors or
omissions in completing the application. In addition they are also responsible
for any subsequent tax returns for Income Tax and Inheritance Tax. Most
importantly, any paperwork must be completed accurately and correctly.
Once the Grant of Probate has been issued, you will need to:
Once all the deceased’s debts and tax liabilities are paid, a full
set of estate accounts is prepared. You can then distribute the estate to the
beneficiaries in accordance with the terms of the deceased’s Will. This includes
setting up any relevant trust arrangement, either at Land Registry or through a
trustee bank account or trustee investment.
Alternatively, you may ask a professional to do some or all of the work for you,
for a fixed fee. This way you know you won’t have to pay any more than the fee
quoted. Avoid open-ended ‘time fees’ as these are based on hourly rates,
typically ranging from £200 to £400 per hour. There will be no limit on the
amount of time charged.
ECARG Financial Solution have extensive experience in dealing with all matters related to Probate and Estate Planning.
As a beneficiary or executor of a will, you can trust our team to guide you
through the entire estate administration process. We understand the importance of this
process and will provide you with tailored advice and support every step of the way. Our
team will carefully consider the unique requirements of the estate to ensure that everything
is handled properly.
Our role is to advise and protect you from any potential pitfalls and to support and take
the strain away. You choose how much involvement you would like us to have, and what help
you require.
Our specialised Probate team can provide professional advice and guidance following the death of a loved one.
The first step is determining who the nominated executors are that have been appointed under the Will. It is the executors duty to determine the assets held by the deceased along with obtaining date of death values. This in turn will establish whether or not the Grant of Probate is required.
Yes. Even in the instance where a deceased did or did not leave a Will, the Grant of Probate (or Letters of Administration if the deceased died intestate) will still need to be applied for.
Overall, Probate can take between six to twelve months, and in instances where
the estate is of high value and complex, may take longer.
There are many factors that impact on the length of time the Probate process can
take, and there is not a definitive answer that applies to all cases.
Unfortunately, you are unable to sell the home until the Grant of Probate has been issued. You can, however, list the property on the market. Contracts cannot be exchanged, so the buyer would need to be aware and prepared to wait.
There is no time limit for applying for probate.
Many executors come to the decision of whether to proceed using our Grant Only
service versus the Full Estate Administration service based on the complexity of
the estate, their own personal commitments and time constraints. It can also
depend on the degree of involvement that they wish to retain.
Often than not executors can find themselves moving full steam ahead with
attempting to apply for the Grant of Probate themselves, and finding themselves
in muddy waters when the estate becomes far more complex due to the type and
degree of assets held, and when inheritance tax falls due on the estate.
We assist you in protecting what matters to you and make sure you and your family are safe. Get in contact with us right away if you have any questions.
Hatter's Lodge, 1 Ingrebourne Avenue, RM3 9GS
+44 7902 440227 enquiries@ecargfinancialsolutions.co.uk
