Many solicitors offer probate alongside their wills services but many people do definitely not understand what probate means and what the role of a solicitor is in administering it.
Probate is simply the legal procedure for sorting out any estate, will or other unresolved issues after someone has passed away. A probate solicitor will ensure and bear witness to note that the will is properly executed and that what takes places adheres to the law.
When a person makes a will, they’ll usually appoint the same solicitors to stay charge or probate once they pass Power of attorney cost. It’s the benefit of knowing that they will be more likely to have a better knowledge of the wishes in the will, having helped to place it in place. You may also be sure that they have written the will in ways that suits their probate method.
A probate solicitor may need to choose an executor of the person’s will if it’s not been stated in the will. They will usually pick a close member of the family or friend if none are available.
Administering probate can be quite a stressful and complicated process so hiring a skilled probate solicitor is a good idea to simply help make sure that everything runs smoothly.
The probate solicitor will first value the estate of the deceased, considering property, bank accounts and other financial investments. They will then decide whether general representation is needed. This is a document which 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 very own name or as ‘tenants in common’ or if they have certain insurance policies.
A probate solicitor also can help to fathom inheritance tax for you to assure you spend the proper amount. Inheritance tax is not always 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 items 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 make sure 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 ought to be noted that probate laws in England are different to those in Scotland and Ireland. For just about any clarification, you can always visit the DirectGov website or visit a citizens advice bureau where someone will be able to make sure you get the support you need.