Evans Harvey Solicitors Wills, Probate & Trusts Solicitors
If a loved one has died, the thought of sorting out their financial affairs and estate can be a daunting prospect.
We appreciate this is a difficult time and if you are dealing with a loved one’s estate or you are acting as an executor or administrator, we can help. Not only will we make the experience as stress-free as possible, our experienced estates and probate solicitors will also ensure that everything is dealt with correctly and efficiently.
Once all the assets have been identified the estate can be valued. This means bringing together everything such as property, life insurance and pension policies, investments and personal belongings. All items will have to be valued at the time of death, which, in some cases, will require expert input. Alongside the assets of the deceased, any debts will have to be calculated. These might include loans, mortgages, personal debts and also the cost of the funeral. Subtracting the debts from the assets will produce the value of the estate, and it is this figure which determines if Inheritance Tax (IHT) is payable.
As Probate Solicitors based in Plymouth, we are experienced in dealing with all aspects of estate administration and inheritance, including dealing with inheritance taxation and foreign estates.
What is Probate? and how we can help
When a loved one passes away, dealing with their estate can be considerably stressful for the family and friends of the deceased. This process is known as ‘estate administration’, and involves a designated individual(s) or ‘executor’ distributing the financial assets that make up the estate in accordance to their Will. The term ‘probate’ comes from grant of representation (or, grant of probate) that must be obtained by the executor prior to the task at hand, allowing access to the person’s bank account.
- Obtaining Grants of Probate (if there is a Will), or Grant of Letters of Administration (if there is no Will)
- Calculating the value of the Estate
- Post-death arrangements to reduce Inheritance tax
- Completing Inheritance Tax forms
- Preparing Estate Accounts for approval and paying the final balance to the Beneficiaries.
Probate: Full Estate Administration
Probate and the administration of an estate takes time and executors have considerable responsibilities: duties are owed to creditors of the deceased, there is tax to be paid, and beneficiaries need to be satisfied that the estate has been dealt with correctly. Evans Harvey Solicitors have a team dedicated to Probate and have a vast experience of the administration of estates of every size and complexity.More >>
Probate: Grant of Probate and Grant of Letters of Administration
When someone dies with a valid Will in place, the Will should name one or more Executors who may need a Grant of Probate before they can administer the Estate. If there was no legally valid Will, the deceased did not select someone to administer the Estate. In these circumstances it might be necessary to obtain a Grant of Letters of AdministrationMore >>