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 procedure for 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.
Whenever a person makes a will, they will usually appoint exactly the same solicitors to be in charge or probate once they pass Power of attorney cost. It has the benefit of knowing they may well be more likely to really have a better comprehension of the wishes in the will, having helped to place it in place. You will also be sure they have written the will in ways that suits their probate method.
A probate solicitor may need to choose an executor of the person’s will if this has not been stated in the will. They’ll usually pick a close relative or friend if none are available.
Administering probate can be a stressful and complicated process so hiring a skilled probate solicitor is a good idea to 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’ll then decide whether general representation is needed. This can be a document gives written permission for the executor to administer the will and is nearly always needed when a person leaves stocks or shares, property or land held in their own name or as ‘tenants in common’ or if they’ve certain insurance policies.
A probate solicitor also can help fathom inheritance tax for you really to assure you spend the right 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 right people in the will are paid what they are 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 dissimilar to those in Scotland and Ireland. For any clarification, you are able to always visit the DirectGov website or visit a citizens advice bureau where someone will be able to make sure you obtain the support you need.