Probate

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What is Probate?

After a loved one has died, the Executors appointed by their Will have the task of dealing with their estate. If a Will was not made, the law defines who may apply to be a Court-appointed Administrator of the estate. Executors and Administrators are both known as Personal Representatives. The Personal Representatives are responsible for completing the relevant HMRC paperwork; applying for the Grant of Probate; assessing and collecting in the assets of the estate; paying off the liabilities; and distributing the remainder in accordance with the Will or, if no Will, the Rules of Intestacy. This can be a complex, time-consuming, and stressful process, especially when family and friends are still grieving. Bicester Wills & Probate offers advice and guidance on the process, and Personal Representatives can instruct us to carry out much of the administration and paperwork on their behalf. Contact us to discuss how we can best help you navigate the process.

Our Probate Services

How we can help you?

For peace of mind – We offer a professional, friendly service to help Personal Representatives and carry out much of the administration and paperwork on their behalf.

To simplify – the administration of the deceased’s estate, using our experience to manage part of or the whole process at this difficult time.

Applying for a
Grant of Probate

step 01

You need to locate the will and obtain the death certificate.

step 02

Meet with your personal adviser to discuss the deceased’s estate, family situation, establish what assets were held and who the beneficiaries are.

step 03

Your adviser will then review the information, value assets and property as well as checking the tax position of beneficiaries.

step 04

Your adviser will meet with you to discuss the best way to pass assets on and determine if a Deed of Variation or a Trust is required.

step 05

The IHT forms and the Grant of Probate application will be completed on your behalf.

step 06

You and your adviser meet to review and approve the forms, then the forms are submitted. Court fee of £237 is required.

step 07

14 days later the accounts department will invoice you.

step 08

The Inland Revenue and Court process the application and make the necessary checks.

step 09

You should publish statutory notices in the London Gazette and a local paper.

step 10

Assuming no enquiries are raised by the Court you should receive the Grant of Probate in 8-10 weeks after applying.

step 11

You then close accounts, call in assets, pay debts and reimburse executor’s expenses.

step 12

Final meeting to discuss investment decisions before distributing assets as the Will states.

Frequently Asked Questions

What is Probate?

Probate is a legal process which applies when a person dies and their assets such as money and property are valued and distributed among their heirs. Probate applies whether a Will was made or not – if a person dies intestate, a close family member can act as their Personal Representative and appoint others, to help administer the estate and apply for a Grant of Probate, so that their assets can be distributed. A Grant of Probate is necessary if a person owns a property and/or has money held in bank accounts. Taking expert advice on obtaining a Grant of Probate is important, to ensure the paperwork is accurately completed and to facilitate the smooth adminstration of the estate.

Do I need Probate?

Normally, you do not need a grant to get money from an estate that is less than £5,000 and only has cash in deposit accounts. However, if the estate includes certain assets – like land or shares – you will always need to get a grant.

Who do I apply for a Grant of Probate?

✦ The estate must be valued and an assessment of entitlement to the estate must be made.

✦ An assessment must be made to calculate whether, and how much, Inheritance Tax or Capital Gains Tax must be paid.

✦ An application for the Grant of Representation must be made to the Probate Office. This is needed so that the estate can be administered and distributed. Detailed accounts must be kept by the Personal Representatives receiving and distributing the assets.

✦The accounts must be approved by the Personal Representatives before the assets can be distributed.

✦ Once liabilities of the estate have been paid in full, the remainder must be distributed to the beneficiaries named in the Will, or heirs under the Rules of Intestacy, until all assets and property have been distributed.

Whose responsibility is it?

If someone dies and they have a Will, the executors of that Will are responsible for getting probate. If a person dies without a will, then the rules of intestacy determine who is responsible for getting probate. Whoever applies for probate is responsible for correctly collecting in and properly distributing the estate of the deceased after paying all taxes and other debts due.

Our Main Services

Probate Assistance From

£1,800

Fixed Fee Probate Assistance: costs start at £1,800 where there is no IHT to pay.

Fixed Fee Probate Assistance: costs start at £3,000 where there is IHT to pay.

We also offer Wills and Probate Services, Please contact

We at Bicester Wills and Probate can offer expert advice and guidance in all of the above areas and more.

Email us

gail@bicesterwills.co.uk

Call Us

01869 226760

Probate

What is Probate?

Our Probate Services

How we can help you?