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Applying for Probate
Probate is the term used to describe how a person’s estate is shared. Next of kin and executors who have been named in a person’s will may have to apply for probate in order to claim, sell, distribute or transfer the assets of the deceased. Speak to a member of our team today to see how we can help you with getting probate granted.
If someone names you in their will as an executor (person who deals with the estate), then you may have to apply for probate. Probate is a legally binding document giving you the ability to share out the estate of the deceased. The estate must be shared in accordance with the will. You do not have to act as an executor of the will if you do not want to. In this case you would have to renounce your duties as executor and pass them on to someone else. We can help renounce your duties as executor, speak to us today to see how.
There are five important aspects in the probate process:● A value must be obtained for the estate of the deceased● If applicable, any inheritance tax must be paid● The deceased’s assets will need to be liquidated with any liabilities being settled● Accounts for the estate must be prepared detailing all payments in and out of the estate. This will then show the balance of that will be distributed among the beneficiaries.● Distributing the assets and the balance of the estate funds to the beneficiaries.
When someone dies, everything that they owned must be divided up and shared between their loved ones. This property is known as a person’s estate, and includes:
● Money – cash, money in the bank, from a life insurance policy etc● Money owed● Shares● Personal and commercial property● Personal possessions
If the deceased person was in debt at the time of their death, then the money to pay these debts will come out of their estate.
A deceased person’s estate is usually passed on as per instructions in their will, this means that it will normally go to family and friends. Things are more complicated when someone hasn’t left a will, then the estate is divided governed on legal rules called rules of intestacy.
Our team of dedicated will & probate experts are on hand to deal with any issues you might have. We know how difficult family law issues can be, and we endeavour to provide all our clients with a friendly, professional and reliable experience. If you have any family law matters you wish to take care of then we suggest you contact us immediately.
If you wish to speak to a member of team today, then do not hesitate to contact us. You can contact us by filling in our online contact form here, or you can speak to a member of our team by phoning us on 020 3962 0756 or complete our online enquiry form. We look forward to hearing from you.