rocess Of Probate UK can seem daunting at first, but it doesn’t need to be that way.
At Probate Solicitors Near Me, we recognise the fact that anyone who’s applying for probate is doing so at an emotionally challenging time, and any additional stress is incredibly unhelpful.
Because we know just how important it is to make the probate application process as simple as possible for YOU – so you can deal with the other aspects of the passing of a loved one.
Probate Process UK
Probate applications have several key stages, with the first being to register the death. This differs in Scotland and the rest of the UK, with the death needing to be registered within 8 days in Scotland and 5 days in England, Wales, and Northern Ireland.
After this, their death certificate will be issued, which is a key piece of documentation. That’s because you’ll need this as proof for release funds, and assets, and accessing things such as bank accounts and pensions to inform organisations of their death.
The probate process in the UK then follows a straightforward process:
- You obtain a valuation on the estate by accessing all bank accounts, pensions, investments, and assets, and gaining a valuation on any properties
- You file inheritance tax (IHT) forms
- After this, probate applications are filed
- Probate fees are paid
- IHT is paid
Obtaining a valuation on their estate involves establishing ALL assets and liabilities in the deceased’s name, which means any properties, bank accounts, pensions, and significant assets including vehicles, jewellery, and anything else in their name.
On the flip side, you’ll also need to ensure any debts and liabilities are paid from the estate.
You’ll need to contact several places to ensure that you get the full picture, including:
- HMRC concerning any outstanding tax
- Pension providers
- Local authorities regarding outstanding council tax
- The Department for Work and Pensions
- Fund managers and investment brokers
When you’re obtaining a valuation on a property as part of an estate, it can be confusing when you’re dealing with inheritance tax.
The nil-rate band for IHT is £325,000, which means that anything above that threshold is taxed at a rate of 40%.
As an example, if a property sells for £400,000, £75,000 of that will be eligible for inheritance tax, meaning that £30,000 will be paid as that is 40% of the taxable amount of the sale.
For many estates, inheritance tax is something to be aware of and if you’re unsure what your situation is, you should look to obtain a written valuation on any properties and assets. For property, you should speak to an estate agent or surveyor to make sure you get an accurate valuation which is at the market value.
Probate Application Solicitors Near Me
At Probate Solicitors Near Me, we are here to guide you through the entire probate process.
All of our solicitors are hand-selected to be the best at what they do, so you can be assured of a high quality, personal service, near to where you live.
To find a probate solicitor near you, simply click the button below, enter a few details and we will soon connect you with a probate solicitor for FREE.