Probate forms are the legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. This involves dealing with a deceased’s property including all financial and personal possessions as well as settling their debts and winding up charges on the estate.
The Purpose of Probate
When a person dies someone will be appointed to take care of the assets and apply for the Grant of Probate. If there is a will, this details who is to act as executor or executors and these people can apply for the Grant of Probate in order to administer the estate. The Grant of Probate is required to access bank and building society accounts and would not be possible without it., except where assets were held jointly with a surviving spouse or civil partner. The executor then carries out the wishes of the deceased person as detailed in the will and identifies and collects all the assets and pays all the debts of the deceased person. The estate is then distributed according to the wishes of the deceased as detailed in the will.
If the deceased person has died intestate (without a will or where no will is found) someone must be appointed as the administrator of the will and Letters of Administration have to be applied for.
We Can Help With Probate Forms
• Register the death with the local probate registry
• Pay the funeral expenses
• Find all the financial documentation of the deceased
• Value the deceased persons estate
• Prepare the relevant IHT return and pay any Inheritance Tax due
- Apply for the grant of probate
• Register the grant of probate with the relevant institutions e.g. banks, building societies
• Take care of the deceased assets, e.g. secure and insure any empty property and ensure that it is properly maintained
• Transfer the ownership of any property and close any accounts
• Complete any required income tax return or capital gains return on behalf of the deceased
• Pay all outstanding debts or liabilities owed by the deceased
• Collect any property or money owed to the deceased
• Pay any expenses incurred
• Prepare final accounts for the estate
- Set up Trusts which may arise from the Will
• Distribute the estate in accordance with the will or according to the Laws of Intestacy
The above tasks can sometimes appear quite daunting at a time when you are recovering from your loss. There may be circumstances in which an executor does not feel fully equipped to handle the process of administering the estate.
The probate forms can be administered by us and Grant of probate applied for on your behalf.
After bereavement it may not be possible for the executor to be able to devote the time to the task or they may feel that the task is too complicated for them to deal with. In some cases, the will may be contested or the estate may not have the required assets to pay its debts. The will could be disputed or may be invalid. If the deceased left money in a trust or had overseas assets the executor may not feel they have the required knowledge to deal with the work required. There may be beneficiaries who are under 18 or a deed of variation may be required. In some cases, the Inheritance Tax burden can be reduced but this requires professional advice.
In short Probate can be a daunting process, we can help ease that burden.