Probate and Estate Administration

What is Probate?

“Probate” is a term which means validating a Will or generally to confirm who is responsible for the winding up of a deceased person’s estate. The Executors of a valid last Will have legal control of that process and as a firm, we are instructed by Executors (or Administrators where there is no Will) to assist in all areas of Probate Administration and Estate Administration duties.

Estate administration

In summary, the administration of an estate is a simple or complex process depending on a number of factors.  It is generally known as the process of

• valuation of estate assets and liabilities for the purposes of filing an Inheritance Tax return at HMRC;
• the applying for a Grant (of Probate or Letters of Administration) from the Probate Registry;
• paying all liabilities and any Inheritance Tax (IHT) from the deceased’s assets;
• collecting in monies and/or transferring Estate assets such as property to beneficiaries,
• ensuring distributing the estate to the beneficiaries under the terms of the last Will (or to the next of kin in a set priority order where there is no Will, under the laws of Intestacy).

Expert Assistance

There are a vast number of side-issues associated with each of those actions listed above, on which advice should be sought to provide support and legal expertise. Such advice can often lead to money savings for families.

Examples:

1. Claiming all appropriate Inheritance Tax reliefs including the recently introduced Residence Nil-Rate Band (RNRB) allowance.
2. Decisions on selling or keeping the family home or a property that is due to be passed to children of the deceased. Capital Gains Tax can be mitigated by advice on how to structure the ownership held by beneficiaries to maximise all allowances.
3. Arrangements for the family home, in particular the best structure for a child to buy out the share of their sibling.
4. Protecting assets passing to the main beneficiary(ies). Inheritance Tax, care fees and protection from insolvency and divorce might be mitigated by the preparation of legal devices such as a Deed of Variation which varies the terms of the Will to protect the assets passing to beneficiaries.
5. Advice for beneficiaries who receive assets to then protect those via an amended Will to maybe include flexible Trusts.
6. Financial advice regarding retaining assets, cashing them in or splitting them between beneficiaries.
7. Ensuring correct valuing processes of assets for Inheritance Tax purposes.

Our Experience & Expertise

We are usually asked to be involved in the Estate administration process from the outset. Our experienced team has all the necessary expertise and experience in assisting with all types of Estate and Trust administration for families, particularly in the ever-changing environment of Inheritance Tax planning.

Whatever your circumstances, we are always sensitive to your requirements and ensuring regular contact and updates with you throughout the process.

Contact

If you would like further guidance or advice regarding probate & estate administration please see our guide below or contact us on:

Email: info@protrustconsulting.co.uk