Probate
Probate is the legal, financial process of dealing with someone’s assets after they die. This includes any money, property and possessions. Before any of the deceased assets can be distributed, transferred or sold, the estate may have to go through probate. Once this proves has been completed, the executor of the will can then make sure everything is divided and distributed as it should be.
Should the deceased die without a will, then it is up to the law to decide what happens to the assets.
The Phases of Probate
There are several phases of probate to go through before the deceased’s estate can be finalised and divided as per their wishes:
Phase 1 – Identification of all assets including any money, property, possessions etc as well as any debts, liabilities so that the overall value of the estate can be calculated.
Phase 2 – Any inheritance tax to be paid to HMRC and application to the Probate Registry for the Grant of Representation, a document confirming the legal authority to administer the Estate.
Phase 3 – Issuing of the Grant of Representation then liquidation (selling) of the deceased’s assets, settling any liabilities, paying final Estate administration expenses and accounting to HMRC for any further Inheritance Tax, any Income Tax or Capital Gains Tax due to or from the Estate.
Phase 4 – Estate accounts are prepared and sent to personal representatives – executor etc. for approval.
Phase 5 – If no challenges posed then the final distribution of the assets can be undertaken.
In almost all cases, probate will be required. When the deceased has less than £5,000 in the bank and leaves no property behind, it may not be.
How Can We Help You?
For many, after the loss of a loved one, dealing with the financial and legal side of things is the last thing you want to do. At Buzz Financial, we are here to guide you through the process and help you make sense of it all.
Our team are extremely sensitive and will handle all the paperwork, simplifying the process and taking the stress and worry away from you. Contact us for more information – 01934 756717
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