Probate
Probate is the process to establish ownership of an estate before the tax is paid and the assets distributed. Probate is the responsibility of the executors of a will who often appoint a professional firm, such as Peace Of Mind Wills, to take on the responsibilities. Probate is still required where there is no Will although the process is known as Administration. The executors have a number of responsibilities, including: Settling funeral expenses Ensuring that the wishes of the deceased as expressed in the Will are carried out Identifying all the assets and claims against the estate Obtaining valuations of the joint and sole assets as at the time of death Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including businesses, are properly managed Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax Obtaining tax clearances before distributing the estate Settling all the debts of the estate including all taxes - this responsibility can last for 6 years Completing and filing the relevant court forms Applying for Probate and attending a personal interview at the Probate Court Preparing accounts for the beneficiaries and after payment of all claims, distributing the estate.
Peace Of Mind Wills can handle all of these responsibilities and can support you with Probate, whether or not we are named in the Will as an executor and even where there is no Will.
As part of our Probate service, we will: Take on all the responsibilities of the executors Assume all the potential liabilities from the executors Value the assets Apply to the Court for Probate Collect in all the assets Handle the sale of any properties Distribute all the assets Pay the Income & Inheritance Tax Produce Estate Accounts
We can visit the executors to talk through how we can help them and once they understand the complexity of the estate, quote them for the work involved.