Probate is the process through which the surviving spouse and/or family members go through in order to distribute the estate of the departed individual.
It is a complex process that includes several stages related to valuation, settling any existing debts and, finally, distributing the remaining assets to the family.
The procedure is simplified when a will is in place, however, in all cases, it is advisable to work with a probate lawyer in London, for example, one of our experienced team members.
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Should I use a solicitor for probate?
While working with a probate solicitor is not mandatory, it can be tremendously helpful during the process, especially if you are in a situation in which the estate is complicated, for example, when the terms of the will are not clear, or you foresee that you will encounter issues with other family members.
Our probate solicitors have extensive experience and are able to assist you during this procedure. Our team will assist you during all the usual stages, starting with obtaining probate by applying for a Grant of Probate from the court.
We can handle all types of estate cases and our contentious probate solicitors in London are ready to assist in all types of probate disputes.
How much does probate cost in England?
The first step is to determine if you need to pay inheritance tax at all, according to the rules set forth by the HM Revenue & Customs. If you do need to pay the applicable fees, and you choose to work with a probate lawyer in the United Kingdom, then one of our solicitors will handle the application in your name.
The probate application fees are separate from the inheritance tax rates. Some of the fees are the following:
- £215 the probate application fee when the value of the estate is £5,000 or more;
- £0/no fee when the value of the estate is under £5,000;
- £1.50 for each extra copy of the probate (this may be useful if you need to send the documents to different agencies/organisations at the same time).
Understanding how inheritance tax applies, and when or if you can benefit from relief and exemption, is an important step and our probate solicitors in London can assist you. In general, the following rules apply:
- Standard tax: the standard inheritance tax value is 40%, however, it is not charged on the entire estate; our wills solicitors can give you more details;
- There is no inheritance tax: if the value of the estate is below £325,000 or the individual chooses to leave anything above this value to the spouse, civil partner, charity or community amateur sports club;
- The threshold can be increased: when the individual chooses to give away his home to his children or grandchildren, the threshold value can increase to £500,000;
- The partner’s threshold: if unmarried and in a civil partnership, the deceased individual’s estate worth less than the threshold can be added to the partner’s threshold upon one’s death; this, the partner’s threshold can be as much as £1 million.
In addition to these taxes, you should also take into consideration the fees when working with a team of contentious probate solicitors in London. Our team can provide you with complete information about our fees and services upon request. It is common for probate attorneys to use a per hour fee when helping with estate administration.
Please keep in mind that these fees may be subject to change, should the current tax policies be updated. Our probate solicitors will always provide you with updated information upon request.
Can you help me draw up a will?
Yes. Our wills solicitors can assist you with the creation of this document.
Seeking specialised legal assistance is important and useful for a will as this is the only document that will allow one to dispose of his assets as he sees fit.
If you are not married to your partner (not are you in a civil partnership), a will is the only way in which he or she can inherit all or part of your assets.
Working with our wills and probate solicitors will be helpful in many cases, including making sure that the will is valid.
Our team walks you through a few important points about wills below:
- you should value your estate: this means making a list of your assets and debts and, when needed, enlisting the help of a valuator to provide you with updated information on the value of certain items, such as your home; if you have a mortgage on the house, this will be considered a debt; our wills solicitors can give you more details;
- you have complete control over how you divide your assets: with a will, you will control the estate; this also means that the document will need to state very clearly the manner in which one or more parties will benefit from the will;
- you will choose an executor: our inheritance lawyers can assist during this stage; while you can freely choose whom you appoint, the person will have a lot of responsibility; you should choose carefully;
- store the will in a safe place: you should always store the document within a safe at home or, advisably, with our solicitors or even the bank; the executor needs to know the location of the will.
The will can also be stored at the Probate Sub-Registry for safekeeping.
The Probate Service also allows an individual to search for the will of an individual who has recently passed away, through a special search feature.
Please keep in mind that you can talk more about this document with our wills solicitors.
A will drawn up in the UK is valid when:
- it is executed in writing, it is signed by the individual and it is witnessed by two other people;
- the person making the will has full mental capacity;
- the will is drawn up voluntarily, without external pressure.
Our inheritance lawyers in London can give you more information on signing the will, as well as the conditions for witnessing the will.
We invite you to reach out to us once you decide to draw up a will and we can help you sort estate matters through this document.
When should you contact us?
You can reach out to our probate specialists as soon as you are considering handling the distribution of the estate. We know that succession can be complex in some cases and personal wealth planning is an issue that can take careful consideration. Moreover, the tax implications are also important, especially in those cases in which the estate is of significant value.
Our probate lawyer in London is able to help you deal with the succession issues while you take the needed time to process the departure of a loved one. Disputing an estate is often the last issue one would wish to handle in the wake of a personal loss, however, it is not uncommon and there are situations in which the parties that may be entitled to inheritance do not receive fair treatment or portions of the assets.
When estate disputes require special legal assistance, our contentious probate solicitors in London can help you ensure that only the entitled parties benefit from the estate and that you can preserve your wealth. Moreover, we will help you avoid unnecessary tax as well as properly calculate the value of the inheritance tax that is to be paid.
We also assist your clients with other services, such as those focused on company formation in UK. If you want to open a business, discussing the mandatory requirements with one of our agents is a recommended first step. We will tell you more about the share capital, the conditions for shareholders and the directors, how to check the company name availability before moving forward with the registration, and more.
Dealing with estate matters in the UK
If you have been appointed as the executor in a person’s will, you will most likely be the one to apply for probate.
This will effectively allow you to deal with the estate of that individual.
In this case, you will be the one who will handle probate and you will need to apply for probate or letters of administrator in order to be able to start dealing with the estate.
The following falls onto the person who is named executor or administrator in a will (the deceased’s personal representative):
- gather the personal and financial documentation of the person who passed away;
- sending a copy of the death certificate to the banks or other financial institutions who hold the assets;
- open a bank account for the estate; our wills and probate solicitors can also handle this phase;
- prepare a list of the property and other possessions, as well as the debts;
- calculate the inheritance tax amount;
- collect the money from the banks, fund, or insurance companies once the letters of administration or probate is granted;
- prepare the documents and send them to the HM Revenue and Customs and the Probate Registry;
- paying the debts and fees;
- sharing the estate according to the will or the rules of intestacy.
Understand, with all of the required steps briefly listed above, it is advisable to appoint a team who specialises in probate, such as our wills and probate lawyers.
Sorting issues such as benefits, tax, and national insurance issues is a key step of the aforementioned process.
Adequate reporting of the death also needs to take place with the Department of Work and Pensions. You can rely on our wills and probate solicitors for this often difficult step.
We can help you sort all of these issues, as well as handle more complex matters such as the situation in which the person who died has debts.
Contact our probate solicitors in London for more information on how we can help you.
