Are you handling a deceased person’s estate and finding it more difficult than expected? Are you completely overwhelmed and not sure what the next step is?
When you are dealing with the death of a loved ones, it can be a difficult and emotional process, starting with planning and implementing the funeral to sorting through personal paperwork. In reality, although some estates are simple, they can still be challenging and go completely wrong if not handled with care
When to use a probate specialist?
As the executor or administrator of the estate, you are solely responsible for carrying out the estate administration process. This includes determining the value of the estate by assessing the assets and liabilities, calculating the correct amount of inheritance tax due, and distributing the estate in accordance with the Will or intestacy rules. If anything does not go according to plan, for example, the inheritance tax is miscalculated, you will be held responsible.
If you are the executor or administrator of an estate and you have any concerns, we suggest that you consult with a probate solicitor to manage this process and lift the burden from your shoulders. Below are some of the circumstances where you may wish to consider using a probate specialist.
- The deceased has a large estate and died without a Will.
- The deceased has left a Will which incorporates complex Trusts.
- The deceased owned a business.
- The estate is insolvent or there are suspicious circumstances.
- The deceased lived outside the UK for tax purposes.
- The estate is complex, for instance, with many properties and assets held abroad or in a trust.
- The value of the estate is over the Inheritance Tax (IHT) threshold and there is still regular income flowing.
- There are disputes over the validity of the Will or disappointed beneficiaries/family members who want to make a claim on the estate.
- The executors or administrators are not capable of dealing with legal issues or they are already occupied with the bereavement.
- The nominated executors have renounced or cannot act, and no suitable alternatives are available.
What is the role of a probate solicitor?
A probate solicitor is the legal professional who takes care of all the legal issues when dealing with an estate. The probate solicitor will ensure all the complexities of administering an estate are handled with care and in accordance with the Will or intestacy rules. The role of a probate solicitor includes:
- Investigating the value of the estates assets and liabilities by contacting the relevant institutions.
- Managing and reviewing all the deceased’s paperwork.
- Determining the Inheritance Tax and preparing the necessary returns.
- Applying for the Grant of Probate or Letters of Administration.
- Arranging for the assets of the estate to be sold/released and settling any liabilities of the estate.
- Handling any income tax and capital gains tax liabilities that arise.
- Preparing and maintaining a detailed set of estate accounts for the residual beneficiaries and distributing the estate.
- Overseeing any trusts that were created by the Will.
Now that you understand the role of the probate solicitor, the next question is, do you need one? Let’s dive in.
Do I need a probate solicitor?
As mentioned above, here are some scenarios where we would advise that you seek guidance from a professional probate solicitor.
Estate size and complexity
If the size of the estate is large and it is already complex, with several assets and beneficiaries, seeking a probate solicitor would be the best option to ensure everything is dealt with correctly.
Disputes or challenges
A probate solicitor can provide valuable guidance if there are disputes regarding the Wills or any kind of challenge in the distribution of the estate. They can resolve the issues and protect the beneficiaries’ interests.
Executor’s experience
A probate solicitor is an expert estate administrator with several years of experience. They are also knowledgeable about the legal and financial aspects of estate administration. They can help with the full process, which includes asset valuation, tax payments, settling debts, and asset distribution.
Time management
If time is of the essence and other responsibilities have caused you to delay administering the estate or paying any inheritance tax, a probate solicitor can steps in to ensure everything is taken care of within the deadline.
Last words
There you have it! Now you know when you may need a probate specialist.
If you are still unsure and would like to discuss things further, please do not hesitate to contact us here at My Probate Solicitors and let us help you. For more information, visit our LinkedIn and stay connected.