Fixed Fee Probate in St Neots, Biggleswade, Huntingdon
A Grant of Administration from the Probate office is needed to settle someone’s estate. Many people appoint friends and family members to act as executors without realising that the work involved can be onerous and cause undue worry.
The process for settling someone’s affairs will depend on whether you choose to do it yourself, or appoint a professional to act on your behalf. Many appointed friends and family members end up seeking legal advice often paying FAR TOO MUCH for this advice, leaving family and beneficiaries with less than you hoped. As such, appointing a probate professional can be a good idea and, if you are dealing with a complex estate, could be essential.
By appointing professionals (such as ourselves) you can hand over many of these tasks to experienced experts, thus removing the worries and problems that your friends & family might well have to deal with.
What Does Probate Involve?
The Probate Process Explained
The Probate process often involves a lot of complicated legal, tax and financial work which can be broken down into different areas of work.
Identifying The Assets
The value of the Estate needs to be determined by identifying all the deceased’s assets (property, investments and possessions) which sometimes involves identifying assets that the family were unaware of, and also determining all their liabilities such as debts ranging from loans to utility bills.
Verifying Estate Entitlement
Entitlement to the Estate needs to ve verified under the terms of the deceased’s Will, or in accordance with Intestacy laws if they died without a Will, and obtaining the necessary identification documents for those beneficiaries.
Taxes & Grant of Representation
All taxes need to be paid including Inheritance Tax to HM Revenue & Customs (HMRC) where applicable, and/or submitting the correct Inheritance Tax return (required whether or not there is tax due), and applying to the Probate Registry for the Grant of Representation, being a document that gives the legal authority to administer the deceased persons Estate.
Sell Assets & Settle Liabilities
After the Grant of Representation has been issued by the Probate Registry, the adminsitrator needs to liquidate (sell) the deceased’s assets, settle their liabilities, and pay the final Estate administration expenses and accounting to HMRC for any further Inheritance Tax, any Income Tax or Capital Gains Tax due to or from the Estate.
Accounts need to be prepared documenting all payments into and out of the Estate, showing the balance left for distribution to the beneficiaries.
Distribution of Assets & Funds
Providing there are no challenges to the Estate or other complicating factors preventing distribution at this stage, the final phase will involve transferring any assets that the beneficiaries wish to retain and distributing the balance of the Estate funds to beneficiaries.
Highly Competitive Fixed Fee Probate
(for Full Estate Administration)
With No upfront Costs to the Executors
The Dangers of DIY Probate
The true case of Harris v HMRC illustrates the dangers of going it alone.
Mr Harris was appointed as a personal representative of a large estate. He decided not to instruct solicitors and instead deal with the estate himself. The estate assets were substantial, and Inheritance Tax was due to the Revenue.
Mr Harris completed all the necessary paperwork, obtained the Grant and arranged for the sale of the deceased’s home. The deceased’s brother was the beneficiary of the estate and due to receive the proceeds. Mr Harris paid over all the money to the brother, on the understanding that the brother would settle up with the Revenue himself. The brother then left the country without paying anything and has not been heard from since.
The Revenue pointed out to Mr Harris that, as executor, he was personally liable to pay the tax bill and the Court agreed. Although he himself had not received any money from the estate, Mr Harris was landed with a tax bill of almost £350,000.
Had he chosen to instruct specialist probate solicitors, they would have ensured matters were dealt with properly and he would have avoided this unfortunate outcome.
Please call Richard for an initial informal telephone consultation to give you an idea of costs and the work involved as every probate case is different, upon your agreement Richard will visit you at your home and arrange to complete all of the paperwork for you, the deceased persons estate will be settled, all tax forms will be completed, monies and assets identified and the beneficiaries paid out.
Get in touch – we offer FREE probate consultations
Consultations can be arranged at your convenience in your home within the St Neots, Biggleswade, Huntingdon area. Further afield in the UK we can arrange an initial consultation for you by telephone.