Probate
Although typically we don't recommend that clients appoint us as Executors and Trustees, we appreciate that you will require help following a death and therefore we offer assistance in obtaining Probate - at a considerable saving when compared to Banks and Solicitors.
We can save you money because you should only appoint professionals for the elements of the work that you can't do, rather than appointing someone to do everything. Most clients find this gives them more control, speeds the process up and saves them ££’s in fees.
It is likely that obtaining Probate will take months, rather than weeks, even perhaps up to a year to resolve Probate fully. It is important that you are aware of this from the start to pace yourself and to manage expectations.
We have detailed below the steps that most people will need to take to bring the matter to a conclusion.
- Car & Home Insurance companies informed
- Write to asset holders and creditors
- Ascertain property value
Write to Banks, Building Societies, National Savings
- Check if there are any DSS Benefits owing
- Determine if you need to prepare Form IHT 200.
- Complete IHT 200 and pay the Tax if applicable
- Any Inheritance Tax applicable to property can be paid in instalments over 10 years or until the asset is sold.
- Draw up Oath for Swearing
- Receive Grant of Probate allowing you to administer the estate
- Collect in assets
- Pay liabilities
- Finalise estate income tax return
- Check who beneficiaries are and their correct addresses and pay them
- Prepare estate accounts
- Pay residuary to beneficiaries
As you can see, there are probably areas in the above where you would like professional assistance. So, if you would like Lifetime to help you please do not hesitate to contact us.