Many solicitors offer probate alongside their wills services but many people do certainly not know what probate means and what the role of a solicitor is in administering it.
Probate is basically the legal means of sorting out any estate, will or other unresolved issues after someone has passed away. A probate solicitor will ensure and bear witness to note that the will is properly executed and that what takes places adheres to the law.
When a person makes a will, they will usually appoint exactly the same solicitors to be in charge or probate after they pass Probate solicitor. This has the benefit of knowing that they will be more likely to really have a better understanding of the wishes in the will, having helped to place it in place. You is likewise sure they have 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 select a close member of the family or friend if none are available.
Administering probate can be quite a stressful and complicated process so hiring a skilled probate solicitor is a good idea to greatly help ensure that everything runs smoothly.
The probate solicitor will first value the estate of the deceased, looking at property, bank accounts and other financial investments. They will then decide whether general representation is needed. This is a document which provides 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 particular name or as ‘tenants in common’ or if they’ve certain insurance policies.
A probate solicitor can also help fathom inheritance tax for you to assure you pay the right amount. Inheritance tax is not necessarily 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 items that change the threshold such as 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 ensure all the right 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 must be noted that probate laws in England are different to those in Scotland and Ireland. For any clarification, you are able to always head to the DirectGov website or visit a citizens advice bureau where someone will have the ability to ensure you have the support you need.