Many solicitors offer probate alongside their wills services but many people do not necessarily understand what probate means and what the role of a solicitor is in administering it.
Probate is basically the legal process of sorting out any estate, will or other unresolved issues after someone has passed away. A probate solicitor will ensure and bear witness to see that the will is properly executed and that what takes places adheres to the law.
When a person makes a will, they will usually appoint the same solicitors to be in charge or probate after they pass. This has the advantage of knowing that they will be more likely to have a better understanding of the wishes in the will, having helped to put it in place. You will also be sure that they have written the will in a way that suits their probate method.
A probate solicitor may have to choose an executor of the person's will if this has not been stated in the will. They will usually choose a close family member or friend if none are available.
Administering probate can be a stressful and complicated process so hiring an experienced probate solicitor is a good idea to help make sure that everything runs smoothly.
The probate solicitor will first value the estate of the deceased, looking at property, bank accounts and other financial investments. They will then decide whether general representation is needed. This is a document which gives written permission for the executor to administer the will and is nearly always needed when a person leaves stocks or shares, property or land held in their own name or as 'tenants in common' or if they have certain insurance policies.
A probate solicitor can also help to fathom inheritance tax for you to assure you pay the correct amount. Inheritance tax is not always due however if the total of any estate left in the will plus any gifts made within seven years is more than £325,000 (in 2011-2012), then inheritance tax is payable at 40%. There are some things that change the threshold such as for married couples and civil partners, gifts to charities, annual relief, small gift allowances and business, woodland, heritage and farm relief.
A probate solicitor will then make sure all the correct people in the will are paid what they are due, that any fees and charges are paid and that any loose ends are tied.
It should be noted that probate laws in England are different to those in Scotland and Ireland. For any clarification, you can always head to the DirectGov website or visit a citizens advice bureau where someone will be able to make sure you get the support you need.
New Year's Resolution: Make or Revise Your Will How Inheritance Claims Can Prove Very Difficult 10 Top Terms Used In Wills and Will Writing Special Needs Trusts - What Are They? Avoid Will and Trust Litigation the Right Way
0 comments:
Post a Comment