What does 'Probate' mean?
- After somebody dies it is necessary to deal with the assets and liabilities of the deceased person’s estate. This task falls to the Personal Representatives, or Executors as they are otherwise known. Executors are appointed in a Will made by the deceased person in their lifetime.
- Executors are responsible for administering the Estate efficiently and diligently and owe a duty of care to the beneficiaries of the Estate to carry out all of their duties correctly. They are personally liable for any mistakes or errors made during the Administration of the Estate.
- Once the Executors have collected details of the deceased’s Estate they are responsible for obtaining a grant of probate in Estates where there is one or more asset worth £5000 or greater.
- Executors are also responsible for dealing with the completion and submission of an inheritance tax return to the Revenue.
- Once probate has been obtained the Executors must discharge any liabilities in the Deceased’s Estate and distribute the net assets to the beneficiaries as set out in the Will. This can involve the transfer of legal and beneficial titles in property, shares or other assets, and the sale of assets where necessary or desired.
- At the end of the administration the Executors should prepare an Estate Account detailing all aspects of the administration from start to finish.
Our specialist private client team is here to help and assist you through what can be a difficult process at an upsetting and distressing time.
We have a number of experienced practitioners who deal with clients in an understanding and sensitive manner, making life a little easier for those who have recently experienced a loss.
Hardmans have been practising in the area of administration of estates since the firm began around 1890.
Our work involves dealing with all aspects of the administration and winding up of estates, from small ones to large, complex ones.
Easy? Straightforward?
This sounds simple but many complex issues can arise during the administration of an Estate, which non-qualified people may not appreciate. Complexities can include:-
- Dealing with the deceased’s income and capital gains tax affairs
- Dealing with overseas assets
- Calculation of inheritance tax, and apportioning liability for payment between the beneficiaries
- Dealing with creditors of the Estate
- Preparing inheritance tax Accounts and liaising with the Revenue staff with regard to any enquiries
- Finding missing beneficiaries
- Providing tax certificates for beneficiaries
- Preparing the Oath for Executors
- Preparing comprehensive Estate Accounts at the end of the process which provide a clear summary of the administration
- Setting up of and dealing with the administration of trusts for minors, disabled people or specialist adult trusts
Our specialist knowledge and experience often means we can save many clients thousands of pounds in inheritance tax through the preparation of Deeds of Variation.
We can provide advice and assistance to anyone considering an inheritance claim, and in relation to the validity of Wills.
Our team can help you if you have lost a family member or friend and no Will can be found. This process is called “Intestacy” and a set procedure must be followed to ascertain who must act as “Administrator” (like an Executor but not appointed by Will) and to whom the assets of the Estate should pass. This can be a difficult and sometimes upsetting process but our knowledge and experience can help ease the process.
