A SIMPLE GUIDE TO THE STAGES OF PROBATE
Managing the financial and property related affairs of a loved one when they die is never easy. At Elizabeth Middleton Solicitors, we have prepared a simple guide to talk you through the steps required when administering a dead person’s estate.
The entire administration process is called ‘Probate’. In a nutshell, this process involves organising the finances, assets and possessions of the deceased and distributing them as inheritance – after paying any debts and taxes.
Every estate and every Will is different so the process will vary according to the instructions left in the Will and the assets, creditors and beneficiaries the estate has. You can read more about the benefits of writing a Will in our article titled ‘Do I need a Will?’
If you have been appointed an Executor in somebody’s Will, you are responsible for carrying out probate. There are four main stages to the process:
- Assessing the total value of the estate and whether it’s liable for inheritance tax.
- Apply to the probate registry for a grant of probate and submit an inheritance tax form to the tax office.
- Pay any inheritance tax that is due and swear an oath at a Solicitors office or a probate registry.
- Administer the estate by gathering in assets, paying off any debts and distributing what is left according to the Will.
For more information about applying for probate or the probate process including how long it takes and how much it costs, get in touch with Elizabeth Middleton Solicitors based in Woodley for trusted advice and a professional and respectful service.
Tel: 0118 343 2737
Email: [email protected]