Probate

Here when you need it most

What is Probate?

Probate is the process of sorting out an Estate, which includes assets like property, investments, and possessions, after someone dies.

Before death, an Executor of the Will is appointed, and when the time comes, they will be responsible for carrying out the instructions in accordance with the Will.

If a person doesn’t have a Will then the Estate has to be settled under the Intestacy Rules.  This is done by the Personal Representatives.

The process involves obtaining the Grant of Probate or letters of administration, gathering in any assets, and paying off any debts, then distributing what is left according to the deceased’s Will or Intestacy Rules. The Executor/Personal Representative has to apply for Probate before they can distribute the Estate.

What is involved in the process?

Typically, the process involves five phases.

• Phase 1: The Executors/Personal Representatives verify the entitlement to the Estate under the terms of the deceased’s Will/Intestacy Rules. They are then responsible for identifying all of the deceased’s assets such as property, bank accounts, shares, cars, jewellery, and any debts, ranging from loans and tax to utility bills, to value the Estate.
• Phase 2: Once the Estate’s value has been determined, any Inheritance Tax liability is calculated. If there’s Inheritance Tax to pay, it is deducted from the value of the Estate and paid to HMRC through the submission of an Inheritance Tax return. It is also time to apply to the Probate Registry for the Grant of Probate/letters of administration to confirm the legal authority to administer the Estate. The Grant of Probate/letters of administration will not be issued until the Inheritance Tax has been paid.
• Phase 3: After the Grant of Probate/Letters of Administration have been issued, assets can be sold, liabilities are settled, and the final Estate administration expenses are due.  It is also the time to pay any taxes – further Inheritance Tax, Income Tax, and Capital Gains Tax – from the Estate to HMRC.
• Phase 4: Next comes preparing Estate accounts, documenting all payments into and out of the Estate, and showing the balance left for distribution to the beneficiaries. The Estate accounts are sent to the Executors/Personal Representatives for approval at this stage.
• Phase 5: Providing there are no challenges or other complicating factors preventing distribution of the Estate, the final phase will involve transferring any assets and distributing the balance of the Estate funds.

What will we do?

We understand the time following the death of a loved one is often emotional for those involved, and Probate is a real specialty of ours. We are Probate Accountants who tie up all non-contentious Probate matters quickly, efficiently, and as painlessly as possible.

Throughout the process, we will take a pragmatic approach by ensuring you will always see the same members of staff who know your situation and understand what decisions have been made.

Michael Dunkley, Director, is one of our Probate specialists and will personally oversee your case to ensure everything is run smoothly and to your expectations.

How much will this service cost?

At Dunkley’s, we can offer two types of Probate service.

• Obtaining Grant of Probate/letters of administration
• Full Estate administration

A full outline of what each service involves, as well as fee estimates can be found on the relevant pages.

In summary, Dunkley’s Grant of Probate/Letters of Administration service will be favoured if you are the deceased’s named Executor and you wish to administer the Estate yourself. The full administration service is for clients wishing to seek a full professional administration service for the deceased’s Estate and division of assets.