Probate

Probate

What is Probate?

Probate is used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.

Before the next of kin or Executor named in the Will can claim, transfer, sell or distribute any of the deceased’s assets they may have to apply for Probate.

When Probate has been granted the next of kin or Executor can start to deal with the deceased person’s assets in accordance with their Will. 

What is involved in the process?

The Probate process often involves the following phases:

  • Phase 1
    • Identifying all the deceased’s assets (property, investments and possessions) and all their liabilities (debts ranging from loans to utility bills), in order to determine the value of their Estate.  At the same time, verifying entitlement to the Estate under the terms of the deceased’s Will.
  • Phase 2
    • Paying Inheritance Tax to HM Revenue & Customs (HMRC) and submitting the correct Inheritance Tax return.  At the same time, applying to the Probate Registry for the Grant of Representation to confirm the legal authority to administer the Estate.
  • Phase 3
    • After the Grant of Representation has been issued, selling the deceased’s assets, settling their liabilities, paying the 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
    • Preparing Estate accounts, documenting all payments into and out of the Estate and showing the balance left for distribution to the beneficiaries. Sending the Estate accounts to the Personal Representatives for approval.
  • Phase 5
    • Providing there are no challenges or other complicating factors preventing distribution, the final phase will involve transferring any assets and distributing the balance of the Estate funds.

To see a more detailed timeline, please click here

What will we do?

As specialist Probate accountants we have the expertise to tie up all Probate matters quickly, efficiently and as painlessly as possible. We understand it is an emotional time for those involved.

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

“We aim to provide a stress-free Probate service to support you through these difficult times. Whether you are the Executor of a Will, a close family relative or friend, we can provide you with clear practical advice on what to do following the death of a loved one.” Natasha Miller, Probate Specialist

How much will this service cost?

Our fees are calculated on a time basis so we only charge for the time spent on your individual case. Please refer to our pricing menu for rough guidance.

We are just a phone call away

Get in touch today to speak to one of our specialist Probate experts for FREE initial advice without the jargon on 01454 619900.