Probate and its Process

What is Probate?

Probate is legal formality which helps in distributing the financial affairs of a deceased person. It is the process in which the will of decedent is validated, determining the assets and transfering to their heirs. First of all the collected assets will be paid to all debts and taxes owed by the decedent, and then setting to disputes and finally remaining assets will be transferred to heirs. There are many Personal Representative or Solicitors who will guide in administering of estate. These solicitors help in collecting the will of a decedent and submit in the court for validation.

The Solicitor or the personal representative is choosen by the court, when an individual dies. These solicitors will be responsible for the administration of decedent estate. If the decedent has a will, and it refers to a representative name, then that person can act as a personal representative because the court respects the decedent wish ad approves them. And if the decedent did not have a will, then the court selects the decendent spouse, or elder child as a representative who will take care of estates of decendent. Once an individual is deceased, then the personal representative should find the original will and should submit in court for approval. Representative should obtain a probate petition which requires details such as names, address, death certificate, last will and testament, etc, this petition should be submitted in the appropriate country court. The submitted will should be proved, hence the court requires some form of witness and this is to stop fraud while transfering the will. 

Individual without any knowledge in Probate process and stepping without guidance, is risky. Hence it is suggested to consult a Probate lawyer for the guidance. It is Time Consumption and Confusing process for the individual, hence the process should be taken care with a Solicitors with proper documents. And you can find Solicitors online at www.thinkwillsandprobate.co.uk, where they offer assistance personally, practically and straight forward. They help inguidance and also assistance to require full administration of estate. Think wills and Probate also deals with cases of Wills, Inheritance Tax planning, and Lasting powers of Attorney. Hence consume time with the guidance from professional solicitors from think wills and probate.

Wills and Probate in UK

Wills and Probate

A Will is a Legal Document Which can ensure that the asset of the person are distributed or given in a manner of person's death and so the person can make financial arrangements for the relatives. Will can also be prepared to appoint guardians for children under the age of eighteen. These wills can be maintained by the executors to administer the deceased estate, this executors may be relatives, friends, or a firm solicitors. Not everybody can become an executors, If a person is named as a executor of the will, then they have to apply for a Grant of Probate, which is issued by the Probate Registry.

Similarly to obtain a Grant of Probate, the executors must submit the original Will and an Oath (sworn before a solicitor) to the nearest district Probate Registry. If the value of the estate exceeds a set limit, an Inland Revenue Account must also be forwarded to the Capital Taxes Office and any inheritance tax due must be paid. The Oath confirms that the executors will undertake to administer the estate, settle any taxes payable and then distribute the estate assets in accordance with the Will. The will of a person should be administered perfectly by the executors because wrong information may leads to so problem for the executors and the will person.

Once the Grant of Probate has been obtained, the executors can proceed with the administration of the estate. Each estate will be different but may include the collecting in of monies from banks and building societies, stocks, shares and bonds, the sale of a property and personal effects, the settling of outstanding liabilities such as the funeral account, utilities, credit cards and loans etc. And miles-pierce.com is the right place where they support and guide in Employment law, Wills and Probate, Immigration to US and UK, Family law, etc

Once the executors are obtained, there are some of the responsibilities that to be followed by the person, they are

1. Controlling the asset and transferring them into their own names
2. Selling the assets, Discharging the debts, taxes and other liabilities
3. Ascertaining the value of asset and debts of the estate
4. Supply estate accounts and tax returns
5. Liaise with the Inland Revenue