Many solicitors offer probate alongside their wills services but many individuals do not necessarily know what probate means and what the role of a solicitor is in administering it.
Probate is simply the legal process of sorting out any estate, will or other unresolved issues after someone has passed away. A probate solicitor will ensure and bear witness to see that the will is properly executed and that what takes places adheres to the law.
Each time a person makes a will, they will usually appoint the same solicitors to be in charge or probate after they pass Probate solicitor. It has the advantage of knowing they will be more likely to truly have a better knowledge of the wishes in the will, having helped to put it in place. You will also be sure they’ve written the will in ways that suits their probate method.
A probate solicitor may have to choose an executor of the person’s will if it has not been stated in the will. They will usually choose a close relative or friend if none are available.
Administering probate can be quite a stressful and complicated process so hiring a skilled probate solicitor is recommended to simply help ensure that everything runs smoothly.
The probate solicitor will first value the estate of the deceased, taking a look at property, bank accounts and other financial investments. They will then decide whether general representation is needed. This can be a document which gives written permission for the executor to administer the will and is nearly always needed each time a person leaves stocks or shares, property or land held in their very own name or as ‘tenants in common’ or if they’ve certain insurance policies.
A probate solicitor can also help fathom inheritance tax for you really to assure you pay the proper amount. Inheritance tax is not always due however if the sum total of any estate left in the will plus any gifts made within seven years is more than £325,000 (in 2011-2012), then inheritance tax is payable at 40%. There are a few issues that change the threshold such as for example for married couples and civil partners, gifts to charities, annual relief, small gift allowances and business, woodland, heritage and farm relief.
A probate solicitor will then make certain all the proper people in the will are paid what they’re due, that any fees and charges are paid and that any loose ends are tied.
It ought to be noted that probate laws in England are different to those in Scotland and Ireland. For just about any clarification, you can always check out the DirectGov website or visit a citizens advice bureau where someone will have a way to ensure you obtain the support you need.