What exactly is probate?

Probate is the legal and financial process of dealing with a deceased person’s property, money, and possessions.

What exactly is probate Leicestershire?

Probate solicitors Leicestershire explain the process of probate.

Probate is the term used in England Leicestershire and Wales to describe this same financial and legal processes involved in dealing with the property, money, and possessions (referred to as the assets) of a person who has died.

Before the deceased’s next of kin or the Executor decided to name in a Will can claim, transfer, sell, or transmit any of the deceased’s assets, those who may need to apply for Probate.

When Probate Leicestershire is granted by way of a Grant of Probate or Letters of Administration, the next of kin or Executor can begin dealing with both the deceased person’s resources in accordance to their Will. If the deceased died without a Will, the law will determine who should receive everything; for more information, see probate without a Will.

The probate procedure is explained.

The Probate process frequently entails a great deal of complicated legal, tax, and financial work, which can be divided into five stages.

• Probate Phase 1: Identifying all of deceased’s assets (property, investments, as well as possessions) and liabilities (debts ranging from loans to utility bills) to determine the value of their Estate. At the same time, verifying beneficiaries’ privilege to the Estate underneath the terms of a deceased’s Will, or even in accordance with Intestacy legislation if those who died without a Will, and obtaining the necessary identification documents.

• Probate Phase 2 consists of having to pay Inheritance Tax with HM Revenue & Customs (HMRC) where applicable, submitting the appropriate Inheritance Tax come back (required whether or not tax is due), and applying to the Probate Registry for the Grant of Representation, which is a document confirming the legal authority to administer the Estate.

• Probate Phase 3: After the Probate Registry issues this same Grant of Representation, liquidate (sell) the deceased’s resources, settle ones liabilities, pay the final Estate administration expenses, and account to HMRC for any extra Inheritance Tax, Income Tax, as well as Capital Gains Tax due to or from the Estate.

• Probate Phase 4: Creating Estate accounts that document all payments into and out of the Estate and show the balance remaining for distribution with beneficiaries. Trying to send the Estate accounts for approval to the Personal Representatives (such as the Executor named in the Will).

• Probate Phase 5: Assuming there are no challenges to the Estate or other complicating factors trying to prevent distribution at this stage, the final phase involves transferring the certain assets which the beneficiaries wish to keep and distributing the remaining Estate funds.

When is probate necessary?

In England Leicestershire or Wales, probate is usually required when:

• The deceased owned property (houses, buildings, or land)

• A bank or other financial institution requests probate or letters of administration (also called a grant of representation)

Other common situations are discussed below, along with whether or not probate is required.

Is probate required if there is a will?

The need for probate is determined by the financial situation of the deceased, not by the presence or absence of a will. The process is very similar whether there is a will or not, but some terminology is different.

If a will exists and probate is required, the executor must apply for a grant of probate. If there is no will, the administrator must seek a grant of letters of administration.

Do I need probate if I have a small estate?

It depends on the size of the Estate and the value of individual assets. Probate is unlikely to be required if the estate is small, with no property and less than £5,000 in the bank. This is due to the fact that some assets and small sums of money can be handled without the need for probate Leicestershire.

Banks Leicestershire and other financial institutions set their own probate limits, so check with them to see if they require a grant of representation. We’ve compiled a list of the most common high street banks and their probate thresholds – see bank probate limits. If probate is not required, the bank may still require a Statutory Declaration to be completed before releasing the funds, as this confirms that the funds are being released to the correct person.

See Probate besides Small Estates for even more information.

Do I need probate if I have shared accounts?

If the dead owned shared accounts, including a joint bank account as well as property when joint tenants, the right of survivorship will pass to the surviving co-owner. To formally transfer the asset into their sole name, the co-owner will need to produce the death certificate, but probate is usually not required.

Do I need probate if I own property as tenants in common?

When dealing with a property that is owned jointly with another person as tenants in common, probate is usually required.

This is due to the fact that when property is owned when tenants in common, each co-owner owns the separate ownership of the profit. This will be distributed to the beneficiaries named in their will, or to the rules of intestacy if there is no will. This will necessitate the use of probate.

If ones husband/wife/civil partner dies, do I need probate?

Again, it is dependent on how the assets were acquired. Many married people hold their home when joint tenants and have joint bank accounts, which eliminates the need for probate. However, probate may be required for any large assets owned in the deceased’s sole name, as well as any property owned as tenants in common.

Is probate required to sell a house?

If a house is held solely in the name of the deceased, a probate will be required to sell it. If the house is held as joint tenants and the surviving co-owner wishes to sell it, a copy of the deceased’s death certificate is required.

Probate will be required to sell a house owned as tenants in common.

Is probate required for Premium Bonds?

The National Savings and Investments Act governs Premium Bonds (NS&I). Probate will be required if the Premium Bonds holding exceeds £5,000 in value.

When a Premium Bond holder dies, NS&I can keep the holding in the prize draw for up to a year. A claim form must be completed in order for NS&I either to keep the securities in the photo contest or encash them.

How we can assist you

• Our members save £100 or 5percent off Probate as well as Estate Administration, whichever is greater, subject to terms and conditions.

• We can represent you in dealings with HM Revenue & Customs.

• We can explain the Probate and Estate Team members to you and provide free initial advice and guidance, as well as a written fixed fee quote for handling Probate on your behalf.

Contact us to find out more.

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