What Is Probate & When Is It Needed?
The question of what is probate and when is it needed is an important one for anyone named as an executor to understand, as it is a demanding and complex process to complete. In short, probate is the process of winding up the estate of somebody who has died.
Assuming the deceased left a valid Will, they will usually have appointed executors, who will be responsible for applying for the Grant of Probate and administering the estate. If no will has been made, then the rules of intestacy will apply.
Probate will involve the executors gathering together all assets of the deceased, which will include property, shares, bank accounts and any other possessions owned by the deceased. Any debts and tax owed by the deceased will also need to be settled from their assets.
Once probate has been proven, the residual assets of the estate will be passed on to the beneficiaries by the executors, as laid out in the Will.
When is probate needed? Depending upon the type of Will left, and the value of the assets is the deceased's estate will determine when probate is needed. If you are unsure of whether probate is needed you can either approach Her Majesty's Revenue & Customs for information, or contact us for advice about how to deal with the estate.
Probate is usually a complex and time-consuming process. Although some people choose to handle probate themselves, in larger and more complex estates it is advised that a probate and estate administration specialist, such as MaxLyte Financial, is engaged to take the pressure and stress off the family.
How MaxLyte Financial Can Support You Through The Estate Administration Process
We understand that dealing with the death of a loved one can be a stressful and emotional experience. This is why we want to support our clients, in their time of need, by offering them access to professional services that can reduce the burden on them at this difficult time.
Having looked at the question of what is probate and when is it needed, you will have already established that one significant task that you may need to consider is the estate administration of the person who has passed away. This can be a complex and time-consuming legal process that involves dealing with all of the assets and liabilities associated with the estate. As previously mentioned, this could include property, stocks, shares, bank accounts and other personal belongings that need to be distributed in line with the Will.
There is often a significant amount of paperwork that needs to be completed - not to mention liaising with various third parties - and calculating the tax that is payable on the estate. Getting the support of a specialist estate administration firm, like MaxLyte Financial, is often the most sensible choice for the family, so that the hard work is done for them, allowing them to grieve in peace, knowing that the loved one's estate will be administered professionally and discretely.
Click here to read about Tiered Fees for Obtaining The Grant of Probate