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Generally, probate is the process of administering someone’s estate after they pass away. However, when a person passes away, a formal grant must be given by they court in order for their estate to be gathered and distributed. This is known as a Grant of Probate. The term probate is used to describe both a Grant of Probate, and the process you must go through in order to obtain the grant. The probate process also includes;
● Making an inheritance tax return to HMRC● Paying inheritance tax to HMRC● Finalising income tax and pensions● Gathering the estate from banks and building societies● Selling the assets of the deceased● Paying any money due to beneficiaries● Making any gifts from the estate to beneficiaries● Preparing accounts for the estate
Letters of Administration are granted where the deceased did not leave a valid Will. It is also commonly referred to as probate because they two are in practical terms the same. However, there are slight differences in the process for obtaining Letters of Administration.
When you deal with us, you know you are dealing with solicitors you can trust. We have vast experience in dealing with wills, probate and trust cases, as well as other areas of family law, including:
Where the estate of the deceased is less than £5000 and only contains cash funds held in deposit accounts, you will generally not need to apply for Grant of Probate. However, if the estate does include land or shares, you will still need to apply for probate. Where the deceased leaves assets of more than £5,000 you will need to apply for grant of probate.
There are three stages to the probate process.
This involves gathering all the information about the assets and liabilities of the deceased. You may need to contact banks, building societies, insurance companies and any other parties you believe will be necessary.
Completing tax returns and applying to the probate registry
After you have investigated the extent of the estate, you must complete the relevant form depending on the size of the estate. Where the estate exceeds £325,000 the executors will need to calculate the amount of inheritance tax due. Once the tax return has completed, you can then make an application to the probate registry. HMRC or the probate registry may raise issues with your application, so it is important that is completed correctly and accurately.
Collection and distribution of the estate
The estate should be distributed to the appropriate beneficiaries in accordance with the terms of the Will. The executors must then produce final estate accounts and a final tax return.
As you can see, the process of probate can be complicated and involves a significant amount of work - our solicitors can help.
Contact Family Law Leeds Probate Solicitors
If you need advice and assistance in relation to a probate, or any other family law latter, contact us today. We will guide you through the process no matter what your circumstances, and you can feel confident your case is in great hands. To discuss your specific circumstances with a member of our expert team, call now on 0113 519 0394 or complete our online enquiry form and someone from our team will be in touch.
We look forward to helping you at this difficult time.