Probate Solicitors Near Me

How Much Money Can You Have In The Bank Before Probate?

You usually need to apply for probate before you can deal with the financial affairs of someone who has died. But do you always have to? How much money can you have in the bank before probate becomes necessary?

To be connected to a specialist probate solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Let’s take a look into probate and learn about where different banks and building societies set the thresholds for the amount of money a deceased person can have in their bank accounts before probate is needed:

What Is Probate?

Probate is a legal process that often happens after someone passes away. When a person dies, under most circumstances, someone needs to control what happens to their estate (the collection of assets they gathered during their life – bank accounts, property, investments, but also debts).

As well as the process, “probate” also refers to the legal document that gives someone the right to do this. This document can be called:

A Grant of Probate if the person who has died had a will. In this case, the person given that right will be the executor of the estate named in the will.
A Grant of Letters of Administration if there was no will.

Why Is Probate Needed?

In general, if you want to deal with the assets of someone who has died – perhaps you want to sell the house they used to live in – you need to obtain the legal right to do so.

For example, banks don’t let just anyone access the accounts of people who have died. That’s why one of the things that has to be handled when a person passes away is notifying their bank so their accounts can be closed. This usually requires one of the above legal documents.

There are also some circumstances when the probate process isn’t needed:

Small estate – when the person who has died has what is called a “small estate”, a small amount of money in the bank and little else. This is usually what people are thinking about when they’re considering bank money limits before probate. We’ll get to it below.
All assets go to spouse – if the deceased chose to give all of their assets to their surviving spouse, then probate is not usually required.

What Is A Person’s Estate?

In legal terms, a person’s estate is everything they owned. This commonly includes:

Money – either cash or funds they have in a bank account or building society.
Money they are owed – this could be from other people, but could also include a life insurance policy.
Property – such as the home or business property they own, or perhaps some land.
Investments – shares, stocks, bonds, and other financial assets.
Personal possessions – such as jewellery or vehicles that are worth significant amounts of money.

It’s also important to note that a person’s estate has what we might think of as “negatives” to take away from it too.

Picture a person who has died owing money to perhaps a private hospital or care facility or who has a credit card bill, for instance.

How Much Money Can You Have In The Bank Before Probate?

There aren’t really any hard-and-fast limits to the amount a person can have in the bank before probate is needed. A ballpark figure would be around £10 000 to £15 000.

Yet it’s important to realise that it is largely left up to the discretion of individual banks to set limits for the amount of money they allow before requiring a Grant of Probate (or Grant of Letters of Administration) to release funds from the account of a deceased person.

A safe figure will always be £5000 or less with no property. The more complex an estate becomes, and the closer it gets to £15 000, the more likely it is for a bank to expect the probate process to be followed.

Bank Account Limits Before Probate

The figures that individual banks and building societies have set as thresholds as of early 2023 are:

£50 000 – Aviva, Bank of Scotland, Barclays, Halifax, Lloyds TSB, Nationwide, Santander.
£30 000 – Britannia, Co-op Bank.
£25 000 – Birmingham Midshires, Cheltenham & Gloucester, NatWest, Royal Bank of Scotland.
£20 000 – Sainsbury’s Bank.
£15 000 – M&S Money.
£10 000 – AXA, Bank of Ireland, Post Office.

Both First Direct and HSBC decide on a case-by-case basis and NS&I varies its figure depending on the number of executors and what the will says.

All in all, the probate process isn’t always as simple as you might think. It’s always worth confirming with a legal expert you trust or asking the bank directly how much money can be in an account before probate is needed.

Need To Talk To An Expert About Probate And Whether You Need It?

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To be connected to a specialist probate solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Trust Registration Service

Trust Registration Service – everything you need to know

The Trust Registration Service is an online system to help trustees (the people who are responsible for taking care of a trust) register a trust.

This is an important thing to do. Most trusts in the UK need to be registered in order to avoid fines and make sure the correct tax is being paid. There are also rules in place to prevent money laundering and terrorism.

To be connected to a specialist solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

But what is a trust? Why would you want to register one? Let’s take a deeper look:

What is a trust?

A trust is an arrangement used to hold assets (such as money, property, or investments) on behalf of someone.

A “settlor” puts these assets in a trust. The trust is managed by a “trustee” (they are supposed to follow the settlor’s wishes, much like the executor of a will). Eventually, a “beneficiary” – or several beneficiaries – will benefit from it.

There is a huge variety of different types of trust. These are treated differently for tax purposes and most have different rules, benefits, or purposes attached.

Why register a trust?

There are a number of reasons why you might want to register a trust. The most common are:

1) Protection and control of your assets

The way a trust works can be controlled via the documents (a Deed of Trust) used to set it up in the first place.

You might be able to set things like whether the trust is revocable (whether you can access it during your lifetime) or who the assets you’ve placed in trust pass on to.

2) Protection of young people or the incapacitated

If a young person has inherited a great deal of wealth or other assets – such as investments – that they don’t know how to deal with, it’s common for a trust to be set up to protect them.
The same is true of people who have become incapacitated for one reason or another.

3) Protection of your legacy

Some types of trust (often called a “will trust”) can be used to pass on assets to someone after you die. A trust can protect the assets you want to pass on to that person from creditors.
It’s also sometimes used to protect beneficiaries from themselves. If you’ve ever seen (perhaps in a movie) someone who isn’t allowed to access their trust until they reach a certain age or accomplish a certain life goal, this is the kind of stipulation to picture.

Do I have to register a trust?

There is a high likelihood you will have to register a trust with HMRC. However, some types of trusts and circumstances may make you exempt from this. In general, you will need to register a trust for reasons of:

Legal compliance – most trusts need to be registered because there are legal requirements designed to protect against money laundering and the financing of terrorism.
Tax return accuracy – income from trusts usually needs to be declared. To get a UTR (Unique Taxpayer Reference number), you need to register a trust.
Tax liability – if your trust becomes liable for any of a wide range of taxes (income tax, capital gains, stamp duty, and many others) you will need to register.
Specific trust types – even if you have no tax liability, you still need to register any UK express trust and non-express trusts that acquire UK land or property, have at least one trustee in the UK, or enter into a business relationship in the UK.

If in doubt, it’s always worth consulting a specialist trust solicitor. Otherwise, you risk falling afoul of laws largely created to prevent money laundering and terrorism financing. Being set against these laws is rarely a good thing.

How to register a trust

1) You can Do It Yourself (but it might not be a good idea)

It is possible to register a trust yourself. You can do so using the Trust Registration Service (TRS) for free.

It is worth knowing before you start though, that the system is not exactly simple to use. If you don’t have any understanding of how trusts work from a legal standpoint, it can be more than a little intimidating.

That’s why most people work with a trust solicitor or another expert representative.

2) Collect information

To register a trust with HMRC, you need to collect a great deal of information about:

Settlors
Trustees
Beneficiaries
Anyone else who has control over the trust

3) Verify information

It’s very important to provide the correct information when registering a trust. Unfortunately, the legal descriptions of some details are not always clear to someone without training.

Even something as simple as the “trust date” can vary dramatically depending on the type of trust that is being registered.

Getting help with the Trust Registration Service

Making mistakes with this information can leave you open to all kinds of fines and penalties. Again, this is why it’s usually smart practice to work with a solicitor you trust (pun not intended) so that the Trust Registration Service gets the correct information and your assets stay protected.

Want to find just the right kind of specialist trust solicitor to talk through your situation with?

Solicitors Near Me will match you with a friendly, helpful expert. Tell us what you need today.

Trust Solicitors Near Me

To be connected to a specialist trust solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Next Of Kin Meaning

Next of kin meaning, legality, and your rights in the UK

Most people assume that their next of kin have legal rights. If something were to happen to you, your kin would be able to make decisions for you. In fact though, next of kin has almost no meaning in legal terms in the UK.

This can make already difficult times all the more challenging. Because if you want to make important decisions about the care of a loved one, such as making a lasting power of attorney, you need to have the legal right to do so.

Being their next of kin isn’t enough. Let’s take a look at how to make sure you and your nearest and dearest are protected if the worst should happen:

Who Is My Next Of Kin?

The term “next of kin” is used mainly in situations where you need to choose an emergency contact. If something bad happens, this is who will be contacted.

When most people are asked to nominate their next of kin, they’ll likely choose their nearest blood relative. Others might choose their spouse.

But you aren’t limited to these choices. You could opt to make your closest friend or a long-term partner with no legal link your next of kin. You can even have multiple next of kin.

However, the most important takeaway is that the phrase “next of kin” doesn’t confer any sort of legal rights or standing. The only time someone’s next of kin actually matters in legal terms is when that person is under 18 years of age.

What Are Your Next Of Kin’s Legal Rights?

Being someone’s next of kin (or making someone your next of kin) gives you no legal rights or standing.

If you don’t put actual legal protections in place, such as a lasting power of attorney, this can, and regularly does, create all kinds of problems.

Picture a loved one who is seriously ill. They can’t make decisions about their own care. But you can’t either because just being their next of kin gives you no rights to do so.

That’s why it’s important to give actual legal rights to someone you want to make your next of kin.

How To Give Legal Rights To Your Next Of Kin

To give your next of kin the kind of legal rights that most people assume they have automatically you need to appoint them as your attorney.

This is normally done by setting up what is known as a Lasting Power of Attorney (LPA). There are two different types of these legal rights. They cover slightly different decisions you might need to make for someone (or have them make for you) when you no longer have the mental capacity to do so:

LPA for property and financial decisions – things like paying bills or rent, collecting rent, maintaining property they own, or managing their bank accounts or investments.
LPA for health and welfare – things like deciding where or how they are cared for, right down to the things they eat or who they can see in some cases.

It’s important to understand that a Lasting Power of Attorney needs to be set up in advance of the situation that requires it to come into effect.

A common example would be when a person knows they are likely to lose the ability to make decisions in future because they are suffering from dementia. In this case, they would set up LPAs that would appoint attorneys they trust to make vital decisions for them.

Again, this can’t be done after the fact. The LPAs need to be prepared in advance – when the person (the donor who is handing over their decision-making rights) has the mental capacity to do so.

Being Next Of Kin But Not An Appointed Attorney

If you are a person’s next of kin but haven’t been appointed as their attorney, you can apply to the Court of Protection (the court responsible for these matters) to gain the right to act for them.

The process is by no means guaranteed. That’s why it’s safest and easiest for everyone concerned to set up the right LPAs before a person who is expected to lose mental capacity does so.

Dealing With An Estate Without A Will

If a person you love has passed away without a will, known as dying intestate, you do have some legal right to deal with their estate (their assets, property, and so on) as their next of kin.

Once more though, the legal standing and meaning of next of kin here aren’t automatic. You’ll need to apply for a legal right called a Grant of Letters of Administration. Again, this is why it’s so important to write a will and prepare in advance. Simply being someone’s next of kin is no safety net at all.

Need to speak with an expert about your particular situation?

Let’s chat about it. Solicitors Near Me can find you just the right friendly, approachable legal specialist to talk about powers of attorney.

Set up a cost and commitment-free chat with one of our supportive advisors today.

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How Long Does Probate Take UK?

How Long Does Probate Take UK? After a death, an estate executor or administrator is responsible for winding up the deceased’s affairs. This often involves obtaining a Grant of Probate or a Grant of Letters of Administration, the document which gives legal authority to deal with the deceased’s finances. We answer the question – how long does probate take? – and look at the process involved.

Obtaining a grant can be time-consuming and there are a number of steps to go through before an application can be made to the Probate Registry.

If you need help in dealing with an estate administration, to include obtaining a Grant of Probate or Grant of Letters of Administration, we can connect you with expert probate solicitors.

We have a range of hand-picked solicitors on our books who have been chosen because of their legal expertise, their ability to manage even complex cases and their excellent level of service.

We will make sure that you have the right solicitor for your needs.

To be connected to an expert probate solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

How Long Does It Take To Get Probate?

The length of time it takes to obtain a Grant of Probate or Grant of Letters of Administration depends on several factors, including the complexity of the estate, how much time the executor or administrator can devote to the task of winding up the estate and how quickly Inheritance Tax is paid.

Below, we set out the steps for applying for a Grant of Probate together with an estimate of the length of time this could take.

Working Out Who Will Be Dealing With The Estate

The first step in winding up an estate is to work out who will carry out the work involved. If the deceased left a Will, this will name one or more executors. If more than one executor is named, it is open to some of the executors to have power reserved if they wish. This means that they will not take any part in the winding up of the estate, but if they ever needed to step in, they could ask the Probate Registry to grant them this power.

An executor can also renounce their executorship if they do not want to deal with the administration. It is important that if they want to renounce, they take no steps at all in dealing with the estate. If they take any action in the administration, it will not then be possible to renounce the executorship.

Where the deceased did not leave a Will, someone entitled to inherit their estate under the Rules of Intestacy will usually become an administrator.

Whoever takes on the role of executor or administrator, it is open to them to instruct a probate solicitor to deal with the administration on their behalf. The legal costs will generally be payable out of the estate.

Valuing The Estate

The next step is to value the estate. This involves finding out how much all of the deceased’s assets were worth as at the date of their death, to include savings, property and valuable items such as cars, jewellery and furniture. The amount of any debts should also be calculated and deducted from the sum of the assets to give a net value for the estate.

If the deceased gave any gifts of cash or valuables during the last seven years of their life, these must also be noted.

Paying Inheritance Tax

The net value of the estate is then used to calculate whether Inheritance Tax is payable. This can be a complicated calculation as there are allowances that can be made and also transferred if a spouse’s estate did not use their allowance at the time of their death.

If the value of the net estate, including gifts made in the preceding seven years, exceeds the Inheritance Tax threshold, then the executor or administrator will need to work out how much is payable. With regard to the gifts made in the preceding seven years, the tax is payable on a sliding scale depending on how long ago they were made.

Forms need to be filled out and payment made to HM Revenue & Customs, who will provide a receipt. Depending on how many different types of asset were included in the estate, several forms will need to be completed.

Applying To The Probate Registry

The estate’s executor or administrator will then need to fill in an application form for the Grant of Probate or Grant of Letters of Administration. This is sent to the Probate Registry together with the application fee, the original Will, if there is one and the death certificate. The Inheritance Tax receipt is provided directly to the Probate Registry by HM Revenue & Customs.

The Probate Registry will take up to ten weeks to process the application, depending on their workload.

Receiving The Grant Of Probate Or Grant Of Letters Of Administration

Once the grant has been received, the executor or administrator can start closing bank accounts, cashing in savings, selling shares and selling property. It is open to them to put a property on the market before the Grant of Probate or Grant of Letters of Administration has been received, but the sale cannot be completed until the grant has been received.

How Long Does It Take To Get A Grant of Probate Or Grant Of Letters Of Administration?

Valuing an estate can take several weeks, depending on the assets held by the deceased. The executor or administrator will need to write to all of the asset holders asking for valuations as at the date of death. They may also need to obtain professional valuations of some items.

HM Revenue & Customs will also take some time to go through the forms sent to them and ascertain that the correct amount of Inheritance Tax is being paid. They aim to do this within two weeks and advise that you should wait three weeks before applying for a grant.

Adding to this the ten weeks that the Probate Registry may take to deal with the application, the process of obtaining a grant is likely to take several months. If mistakes have been made and one of the organisations has to come back to you it will slow matters down.

If you want to secure a grant without avoidable delay, for example, because you want to sell a property, you could consider asking a probate solicitor to deal with it on your behalf. They have the experience to ensure the Inheritance Tax forms and probate application are accurate, giving you the best chance of receiving the grant without avoidable delay.

Find Probate Solicitors Near Me Now

To be connected to a specialist probate solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Probate Solicitors Near Me – Solicitors Near Me For Probate UK

Are you looking for Probate Solicitors Near Me? We can connect you to expert probate solicitors near to where you live or work.

Dealing with the winding up of someone’s affairs after their death can be a major undertaking at what is likely to be a very difficult time. Our probate solicitors understand this and are sympathetic and approachable as well as being experts in the field.
Probate Solicitors Near Me - Solicitors Near Me For Probate UK
If you would like to be connected to probate lawyers who will be able to help you through the process of administering a loved one’s estate, fill in your details and we will find you the right solicitor to help you. This will be at no cost to you for the connection and no obligation to go ahead with them.

Do You Need Help Finding Probate Solicitors Near Me?

Using a local probate solicitor is often beneficial. You will be able to attend their offices, should you need to, and they will be well-placed to deal with related issues such as the sale of property in the area.

Solicitors Near Me can find you experienced probate lawyers near where you live or work. Our service was set up by a former solicitor who realised how difficult it was for people to identify good quality legal services in their local area. He put together a service matching those with legal needs with hand-picked professionals who are able to offer expertise along with excellent service.

To be connected to specialist probate Solicitors Near Me, please either call us now on 0845 1391399 or complete a Free Online Enquiry.

Solicitors Near Me Probate Service

Our probate solicitors offer a full service, including the following:

Representing estate executors or administrators
Applying for a Grant of Probate or Grant of Letters of Administration
Calculating Inheritance Tax and accounting to HM Revenue & Customs
Identifying assets and arranging for valuations
Locating beneficiaries, to include advertising for missing beneficiaries
Collating and clearing the deceased’s debts and other liabilities
Creating trusts as required under the terms of the Will
Arranging for the sale of any property or other assets
Collecting in the deceased’s assets
Preparing estate accounts
Distributing the estate to the named beneficiaries
Dealing with disputes and claims against the estate

Where Are Your Probate Solicitors?

We can call on expert probate lawyers across the UK, with probate specialists in England, Ireland, Northern Ireland, Scotland and Wales within our service.

How Much Does Our Find A Probate Solicitor Near Me Service Cost?

We can connect you with a probate law expert free of charge. There is no obligation to use their services. Once we have provided you with the name of a local probate solicitor, you can liaise with them to see if they will be right for your needs. You can then either decide to proceed with them or not. If you do not go ahead at this stage, there will be no cost to you. Only once you ask them to start work on your behalf will you be liable to pay their fees.

Why Do I Need A Probate Solicitor?

Dealing with probate, or the finalisation of someone’s affairs after their death can be a complex process. There is generally a large amount of paperwork spread across a number of organisations and this alone can be exceptionally time-consuming.

The legal aspects can also be challenging. As an executor or administrator, you need to ensure that you identify and clear all of the deceased’s debts, that you correctly calculate the amount of Inheritance Tax due and that you locate every beneficiary.

If you make a mistake that costs the estate money, for example, paying insufficient tax or paying a bill late or failing to insure a vacant property, you could be held personally liable for any losses, even if it was a genuine error.

The solicitors that we recommend have extensive experience of the probate process and will ensure that the matter runs smoothly and that all of the details are attended to.

Payment of Inheritance Tax

It will be necessary to account to HM Revenue and Customs for the correct amount of Inheritance Tax before you apply for a Grant of Probate or a Grant of Letters of Administration. This is not always straightforward.

The sum due will be calculated on the basis of the value of the estate and the amount given by way of gifts by the deceased during the last seven years of their life. The Inheritance Tax threshold will be applied, together with any allowance that was not used by the deceased’s spouse, if they died first.

This can make calculating the amount of tax payable quite complicated. If errors are made and Inheritance Tax is underpaid, the estate could be liable to pay interest and a late-payment penalty, which could be recoverable from the executor or administrator.

Identifying creditors

It is vital to ensure that all of the estate’s creditors are identified. Where there is a risk that creditors exist and the executor or administrator does not have their details or information about the amount owed, adverts should be placed both in the local press and in the Gazette asking creditors to come forward.

Where the deceased had business interests in several areas, adverts should be placed in the local papers there as well.

Failure to do this could result in creditors coming forward after the estate has been distributed. Therefore claiming payment from the executor or administrator, who would have personal liability.

Distributing the estate

Similarly, all of the beneficiaries to the estate need to be identified. Where a beneficiary is missing, it can cause delays in the winding up of the estate.

If it is not known whether or not a beneficiary exists, this can be even more complicated and time-consuming. An example might be where the deceased left their estate to nephews and nieces without specifically naming them. Those left behind are unsure how many exist and where they live.

Research would need to be done to try and uncover the necessary information. Notices may need to be placed in the press and heir tracing agencies used to try and find them.

Solicitors Near Me Who Deal With Probate

We will put you in touch with a local solicitor who will be able to start the probate process. While estate administration can take some time, our solicitors will always work proactively to finalise matters without unnecessary delay. They will ensure that the estate’s liabilities are discharged in full.

Find Probate Solicitors Near Me Now

To be connected to a specialist probate solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.