What Is Probate?
Probate (or Estate Administration) follows the death of someone. If the deceased made a Will, their Executors will need to apply to the Probate Registry for a document called the Grant of Probate (Confirmation in Scotland). It is by this legal document that they are given the right and the authority to deal and distribute the deceased’s estate according to their last wishes.
When there is no Will, Letters of Administration must be obtained and Administrators appointed, which can delay the distribution of the estate and have financial implications.
“Unfortunately, even at a time of grief and pain, our clients must face the administration of an estate. Fortunately, we can help”.
The Process
Once the Grant has been issued to the Executors, they can start dealing with the deceased’s estate. This could be a complicated, costly and lengthy process, at a time of grief and pain. Dealing with a deceased’s estate includes:
• Complete the relevant Inland Revenue forms
• Prepare an income tax return
• Calculate any income tax, capital gains tax or inheritance tax liabilities
• Set up and manage the Trusts created by the Will.
• Pay all liabilities of the estate
• Prepare estate accounts to obtain approval etc.
The Executors must keep records of what they have done to prove they have acted according to the deceased’s wishes, as there can be legal challenges from the beneficiaries or the family. Emotional turmoil and great distress could create issues, for which the executors could be legally responsible for. It is therefore of paramount importance that the Executors seek the right advice and right support before or during the administration of the estate.
If you need advice about what to do following someone’s death and how you can apply for a grant of probate or Confirmation, get in touch and we can guide you through what can be a complicated and time consuming process, easing any stresses you may be facing.