Probate UK Explained
We have put together this page to help you understand probate more fully. We have included information such as who is responsible for carrying out probate, what to do if there is or is not a will, the appointment and responsibilities of an Executor and much more. Have a read through and hopefully we will have answered many of the questions that were playing on your mind.
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Probate UK Explained
What is Probate?
When a person dies, whether or not they have a will, the people responsible for their estate may need to apply to the courts for Probate. Probate is the process by which a will is "proved" and accepted as valid. In the absence of a will it is the permission to settle the estate according to the laws of intestacy.
The application for probate is made to a section of the court known as the Probate Registry. Once granted, a document known as the grant of probate is issued and confirms that the applicants are authorised to deal with the deceased’s affairs. In the absence of a valid will, Letters of Administration will be issued.
The people who apply for the Grant of Probate and carry out the administration of the estate are known as the Executors. Executors must carry out a number of tasks including notifying the authorities and distributing the estate to the beneficiaries.
What is prepaid probate?
Probate, can be a complicated and expensive process. Many estates are distributed by banks or solicitors who charge a percentage of the value of the estate, regardless of how much work is required. This can result in substantial probate fees if the estate is large, even if the process is reasonably straightforward.
The alternative way of planning for this process is through a prepaid probate plan.
Our prepaid probate plans involve paying a fixed amount in advance to cover probate and the administration of your estate. This amount is generally based on the complexity of the estate and the work that is likely to be involved in administering the assets rather than a generalisation based on size.
The main benefit of a prepaid probate plan is that it gives you clarification regarding the costs and peace of mind concerning the process of administering your estate. You pay one fee which is fixed at today’s prices. It also puts in place fixed arrangements for the management of the process, including valuing your assets, settling any bills and distributing your estate to your beneficiaries.
Finally, prepaid probate takes away the stress of arranging probate from your relatives at what is already, a distressing and emotional time for them.
The main Benefits of a Prepaid Probate Plan:
- The costs are fixed at the outset, saving you money in the long run.
- Your payment is securely deposited and taken care of by our corporate trustees until the time comes for probate to be completed.
- You can be sure that all arrangements are securely in place well in advance.
- You are saving your loved ones from a lengthy and stressful procedure
It is easy to arrange.
- You can save on Inheritance Tax – Probate costs are not deductible from inheritance tax. Without a probate plan, you pay inheritance tax then probate costs on top of that. By paying for a probate plan during your lifetime, you can save on inheritance tax if it is above the nil band threshold.