Idea to Business

Blog

Why not learn more about Estates?

How to Obtain Probate in Easy Steps

If you want to obtain probate easily, then you should take the steps given below.

The term probate is used to describe the process of dealing with a deceased person’s estate which includes money, possessions, and properties. In order for the executor of the will to legally collect money from banks, building societies, and other organizations that are holding the assets belonging to the deceased person, and sell or transfer ownership of property legally, he first needs to obtain a grant of probate from the probate registry. If the executor of the will will not apply for this grant of probate then all the assets will remain frozen and inaccessible.

There is no need of a solicitor to help the executor of the will to obtain probate if the estate is straightforward.

You cannot obtain probate if there is only a copy of the will available. In order to establish who has been appointed as the executor of the will, the original will should be checked. Applying the probate and carrying out the terms of the will is the responsibility of the executor.

Notification of the death should be given to every interested party. The death certification should be attached to the written notification. By interested parties we refer to banks, building societies, insurance companies, share registrars, investment and ISA providers, pension providers, tax and benefits authorities, creditors, and others.

There is a need to obtain the date of death valuation of the deceased’s assets since this information needs to be included in the probate and inheritance tax forms.

If the deceased person’s estate is valued below the inheritance tax threshold, then inheritance tax is not payable. There is also no payable inheritance tax is the spouse of the deceased is the sole beneficiary of the estate. A widow or a widower who has left the estate will have an inheritance tax threshold increased.

Completion of inheritance tax forms follows next. If the estate value is less than the inheritance tax threshold then there is a special form to be completed for that, and another form is needed if inheritance tax is payable.

You also need to complete a probate application form which is to be submitted with your inheritance tax form, the probate application fee, and other documents required by the probate registry.

If there are no problems or questions then the probate registry will issues the grant of probate. This will then allow the executor to administer the estate and implement the terms of the will.

You need 4 to 12 weeks to complete the whole process depending on how quickly your can proceed.

The executor of the will will need the services of a solicitor is the estate is complicated, but if it is straightforward then the executor will not have much problems in execution.

On Wills: My Experience Explained

Questions About Estates You Must Know the Answers To