At Buss Murton Law, our trusted team of probate lawyers in Kent and the South East can help guide you throughout the entire process so that you fully understand every option available to you.
If you are named in a Will of a recently deceased person as an Executor, you will quickly need to understand what your options are as far as accepting the position or renouncing your entitlement to act as an Executor. I have been notified that I am an Executor, what do I do?
However, if a person has died without a Will in place or without a valid Will in place, you, as the next of kin, may have to consider whether or not you are going to act as the Administrator, which is a position akin to being named as an Executor under a Will.
Whether you wish to act or not does not prevent you from receiving whatever beneficial entitlement you are entitled to either under the terms of the Will or under the provisions of intestacy.
The term “probate” is specifically used in England and Wales and refers to the legal and financial processes involved in dealing with someone’s property, money and assets (known as their Estate) after they have died. Following various legal and fiscal steps, the Estate can then be distributed amongst the beneficiaries stated in the deceased’s Will.
When Is a Probate Required?
Dealing with an estate is rather like an iceberg; much of what goes on is not necessarily immediately obvious. That having been said, these tasks do need to be carried out, otherwise there is a significant risk of personal liability attaching to the Executor or Administrator irrespective of whether they are legally qualified or not.
For example, in a recent case, an Executor who transferred assets to a beneficiary on a promise that the beneficiary would pay the tax was liable to HMRC when the beneficiary reneged on his promise and left the country. The Executor was left with a bill of around £341,000 to pay!
Do I Need a Lawyer for a Probate?
We would recommend obtaining probate legal advice from a Solicitor or equivalent legal expert, particularly in cases where the Estate may be taxable. Even if an Estate is not taxable there may be family frictions that would warrant the benefit of legal advice.
In addition, it is sensible when dealing with the first death out of a married couple to ensure that complete records are retained for use with the Inheritance Tax transferable nil rate band in the future.
What Happens During the Probate Process?
We appreciate that each estate is different, and we can tailor our service as appropriate throughout the probate process. It could be obtaining the Grant of Representation only through to a full-service including encashment and/or transfer of assets, advising on Capital Gains Tax mitigation, finalising the Estate’s Inheritance Tax and Income Tax liabilities, arranging for their calculation and payment, distributing the Estate to the beneficiaries and preparing the Estate Accounts.
Where appropriate we can liaise with overseas lawyers to deal with assets in other jurisdictions. We can also deal with foreign Grants of Probate for use in the UK to deal with UK assets.
We can deal with all Inheritance Tax matters whether that be by negotiating with HMRC on the values of individual assets, appropriate valuation discounts that could be applied, the availability of instalment arrangements and, in particular, dealing with Business Property Relief claims and Agricultural Property Relief claims.
We can provide assistance and advice regarding Wills and Probate Law to enable claims for the transfer of any unused allowances that may be available, and we can also transfer legal title of assets to beneficiaries whether they be shares or land.
How Long Does Probate Take Once Submitted?
On average, estates that fall within this range are dealt with within 4 to 14 months. Typically, obtaining the Grant of Probate takes 4 to 8 months from the date of instruction. Collecting assets then follows, which can take much of the remaining time period. Once this has been done, we can distribute the assets, which normally takes a further 2 to 3 weeks. Please note, this will take longer, usually a further 6 to 12 months, if a property is involved and/or Inheritance Tax clearance is sought from HMRC.
As part of our fee we will:
- provide you with a dedicated and experienced probate lawyer to work on your matter;
- identify the legally appointed Executors or Administrators and Beneficiaries;
- accurately identify the type of Probate application you will require;
- obtain the relevant documents required to make the application;
- complete the Probate Application forms;
- calculate the IHT due and prepare the relevant HMRC forms;
- make the application to the Probate Court on your behalf;
- obtain the Probate and securely send two copies to you; and
- collect and distribute all assets in the estate.
Our fee does not include the time spent in dealing with the sale or transfer of any property in the estate.
