Probate
- a legal term you might not be so familiar with unless someone close to you
has passed away. This word is used to describe the legal and financial
processes which are involved in dealing with the property, money and
possessions (often referred to as assets) of an individual who has passed away.
A probate solicitor helps those who have lost family members or friends, which
is, without doubt, a highly stressful and trying time for those left behind. As
well as this, they will also be tackling the various types of taxation that
need to be dealt with when a person passes away, this may include income tax,
capital gains and inheritance tax.
In
some situations, it's certainly acceptable to handle the probate issues
yourself, while you might also be the executioner of the will. However, a
common course of action for lots of people is to use the assistance of a
probate solicitor throughout the process as a whole. Of course, dealing with
the loss of a loved one can be an emotionally charged time for you and perhaps
your family, so hiring a probate solicitor can offer you some much-needed
clarity during what is undoubtedly a challenging time.
With
this in mind, here is this blog we’ll run through the reasons we recommend that
you use a probate solicitor. So without further ado, let’s get into some of
these reasons. If you're the executor of a will, you'll need to decide whether
to pay a professional to carry out the probate process or whether to do it
yourself. Generally, it's worth using a probate solicitor if you're dealing
with a complex estate. Here are some specific reasons that you will benefit
from using a probate solicitor:
● Solicitors are regulated by the Solicitors Regulation Authority
(SRA) – This means we abide by strict codes of professional conduct.
● Specialist probate Solicitors have the skills and expertise to
properly deal with all of the procedural requirements involved with probate. An
example is, making sure the right tax is paid, any problems are identified and
resolved and all accounts are dealt with in full legal compliance.
● Solicitors have professional insurance, this indicates that if
anything goes wrong with probate, you will be covered.
● Solicitors can mediate between family members or deal with third
parties in the event of any kind of dispute. This will help with keeping you as
the Executor out of the ‘firing line’ and can make it simpler to swiftly
resolve conflicts.
● A probate solicitor can make sure that claims for the financial
provision by disappointed parties not benefitting under a Will are overseen.
This would also include adherence to time limits for prospective claims and the
making of statutory advertisements including creditors.
● A solicitor can take on some responsibility for distribution of
estate funds. They will, in turn, have the job of making sure that the identity
of beneficiaries is properly established and that there are no impediments
against handing over funds, for example, a bankrupt beneficiary.
● A probate solicitor will be able to offer other services needed
during estate administration. An example being, property transactions can be
conducted by a firm’s conveyancing department, helping to make sure that you
receive a reliable service and any delays are going to be prevented.
Additional situations where using a probate
solicitor is helpful
Many
executors and administrators act without a solicitor. But, if the estate is
complex, it is best to request legal guidance. You should always get legal
advice if, for example:
● The terms of a will are unclear to you or other persons involved
● Part of the estate is to pass to children who are under the age
of 18
● The person who passed away has left money or property in a trust
● The person who passed away owned land or property abroad
● The person who passed away owned a business
● Anyone is likely to dispute the will
● The legal fees can be paid for from the estate itself.
If
there are any problems with the way that executors or administrators deal with
the estate, a prime example being, if there is an unreasonable delay or if the
executors or administrators misuse their legal authority, you will require
legal advice.
How will the process work?
Every
will and estate will certainly vary, however, the precise probate process is
reliant on the instructions left on the will as well as the assets, creditors,
and the benefactor of the estate itself. This process involving the executor
will go along these lines:
● Gathering the necessary information related to the estate’s
assets
● Applying for the grant of probate
● Fill out an inheritance tax return and pay any due tax
● You receive a grant of probate
● Repay any outstanding debts left by the deceased
● Distribute the rest of the estate by what is stated in the will
● A probate solicitor will also assist with any disputes that
occur between the executor, benefactors or HMRC - something that is reassuring
for many.
Because
of the intricate nature of this kind of legal process, as well as the vast
amount of legal jargon, plenty of people find understanding the procedure of
wills and probate, a bit hard. A probate solicitor will not just deal with the
legalities and administrative process, they can also assist with the additional
benefit to you of being an independent body with zero emotional ties to the
individual or the case itself. They are working with cases of this nature every
day. They will be able to handle the legalities with an unbiased perspective - which
is something that is required in this line of legal work.
Smalleys Solicitors Ltd - A caring approach to dealing with a loved one’s
affairs
At
Smalleys Solicitors, we understand how devastating it can be to lose a beloved
family member and the stress involved with having to deal with their
possessions and assets. If you were named as the Executor for someone’s will,
then you must understand the legal implications of the job you must do. Because
we specialise in probate in Nottingham, we can provide you with the legal help
you need during this time. We can help you through your tasks or even complete
them for you. By allowing us to undertake these tasks for you, you can be
certain that the work and disbursement will be completed correctly and on time.
As a named Executor for someone’s will, it’s
important to understand the legal implications of the role you must carry out.
As specialist probate solicitors in Nottingham, we can provide you with crucial
legal help during this time. Our team of reliable and reputable solicitors at
Smalleys Solicitors knows that you shouldn’t have to deal with the death of a
loved one and settling the estate by yourself. We can explain all of the steps
that you will need to take to settle the estate quickly and correctly, and we
will be able to provide you with help and support every step of the way. To find
out more about the legal services we offer, please feel free to
contact us
today with any questions, we’d be happy to
help.
