In England and Wales, Probate is the term used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.
Before the next of kin or Executor named in the Will can claim, transfer, sell or distribute any of the deceased’s assets they may have to apply for Probate.
When Probate has been granted, called a ‘Grant of Probate’, the next of kin or Executor can start to deal with the deceased person’s assets in accordance with their Will.
If a person dies without a Will, they have died Intestate and the law will determine who should receive everything. The process is similar to Probate but is called Letters of Administration. In these cases there are strict rules to follow and it is vital to get this right.
There are 5 stages to Probate
Stage1. Identifies all of the assets and liabilities of the deceased person.
Stage2. Payment of Inheritance Tax to HM Revenue & Customs
Stage 3. A Grant of Representation will allow the executors to sell assets and settle outstanding bills.
Stage 4. Accounts are drawn up to document all payments into and out of the Estate, and show the balance left for distribution to the beneficiaries.
Stage 5. Transfer of any assets to the beneficiaries.
If you are an Executor of a Will or trying to administer an Estate of a relative who has died without a Will, let the Probate team at Peter Robinson & co ease the stress and worry for you.
When a loved one dies it is a difficult time and the legal requirements of dealing with their assets are the last thing on your mind.
Let the friendly Probate team at Peter Robinson & co. help you at this difficult time. They will handle everything with respect and in a sympathetic manner. If you seek advice, feel free to call our Probate team at Peter Robinson & co. any time.
Call us now on 0161 678 7996.