Probate

What is probate? Probate is the legal process which involves dealing with a deceased estate.

Probate establishes if there is a valid Will and who the executors are of the deceased's estate. The executors are carrying out the deceased's wishes. 

The executors will have to obtain a grant of probate and once granted and authorised, the executors can access bank accounts, settle debts, and distribute the estate in accordance with the wishes of the deceased.

If there is no Will in place, then this must go down a different route:  Instead of an executor you would have an administrator.  The administrator can be a family member, friend or the Court. 

An application has to be made for a Grant of Letters of Administration which is issued by the probate registry.  The probate registry will give the administrator the legal authority to deal with the decease’s estate.  The State will decide on the distribution of the decease’s estate and the administrator carries out the decision of the State.

Once it is established the route which has to be taken, the purpose of the probate is to reveal the value of the decease’s estate considering all assets, investments and properties, loans, debts and financial liabilities.

An estate valuation is conducted to calculate if the estate will be subject to inheritance tax, submitting the correct tax forms to HMRC when applying for the grant of probate.

After the grant of probate has been granted, it is the duty of the executor or administrator to settle all liabilities, paying the administration invoice and paying any income tax or capital gains tax to HMRC. 

We will prepare a statement of accounts showing the balance left for the beneficiaries, ensuring the executors approve the final statement of accounts.

Providing there are no challenges to the final statement of accounts, the assets will be distributed to the beneficiaries.

We will manage this process from the beginning to the end, following up and communicating with all concerned to get the estate settled.