Many solicitors offer probate alongside their wills services but lots of people do definitely not understand what probate means and what the role of a solicitor is in administering it.
Probate is basically the legal process of sorting out any estate, will or other unresolved issues after someone has passed away. A probate solicitor will ensure and bear witness to see that the will is properly executed and that what takes places adheres to the law.
Each time a person makes a will, they will usually appoint the exact same solicitors to stay charge or probate once they pass Power of attorney cost. It’s the advantage of knowing that they will be more likely to have a better comprehension of the wishes in the will, having helped to put it in place. You will also be sure they’ve written the will in a way that suits their probate method.
A probate solicitor might have to choose an executor of the person’s will if it’s not been stated in the will. They will usually pick a close family member or friend if none are available.
Administering probate could be a stressful and complicated process so hiring a skilled probate solicitor is advisable to simply help make sure that everything runs smoothly.
The probate solicitor will first value the estate of the deceased, looking at property, bank accounts and other financial investments. They will then decide whether general representation is needed. This is a document gives written permission for the executor to administer the will and is often needed when a person leaves stocks or shares, property or land held in their own name or as ‘tenants in common’ or if they’ve certain insurance policies.
A probate solicitor can also help to fathom inheritance tax for you yourself to assure you pay the proper amount. Inheritance tax is not at all times due however if the total of any estate left in the will plus any gifts made within seven years is more than £325,000 (in 2011-2012), then inheritance tax is payable at 40%. There are several issues that change the threshold such as for married couples and civil partners, gifts to charities, annual relief, small gift allowances and business, woodland, heritage and farm relief.
A probate solicitor will ensure all the proper people in the will are paid what they’re due, that any fees and charges are paid and that any loose ends are tied.
It must be noted that probate laws in England are dissimilar to those in Scotland and Ireland. For any clarification, you are able to always check out the DirectGov website or visit a citizens advice bureau where someone will have the ability to ensure you have the support you need.