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"Probate" is the commonly used term to describe the procedure for managing an individual's assets after their passing. In cases where the deceased owned substantial assets, the appointed executors must secure a formal "grant" from the court. This grant authorizes the collection and equitable distribution of the estate among its beneficiaries.
In situations where someone passes away without a Will, it can pose challenges for their family, often necessitating a process known as "letters of administration."
However, having a professionally crafted Will in place simplifies the process of obtaining a grant of probate, ensuring a smoother and less cumbersome experience.
When executors obtain probate, they assume a range of responsibilities, which encompass:
Interpret the will and ensure the deceased's wishes are upheld.
Identify and document all assets and liabilities within the estate.
Obtain valuations for joint and individual assets as of the date of the deceased's passing.
Efficiently manage the estate, including proper handling of funds and assets, which may include businesses.
Prepare and submit tax returns on behalf of the deceased, covering Inheritance Tax, Capital Gains Tax, Income Tax, and Stamp Duty Land Tax.
Resolve all outstanding debts related to the estate, including tax obligations.
Complete and file the necessary court forms, including the application for Probate.
Compile detailed accounts for the beneficiaries, and after settling all valid claims and obligations, distribute the estate accordingly.
Feel free to reach out to us if you seek advice or would like us to manage these responsibilities for you. We offer comprehensive support for Probate, regardless of whether we are named as an executor in the will or in cases where there is no will.