Apply for probate
In England and Wales, the term ‘probate’ refers to the legal and financial processes involved in dealing with someone’s property, money and assets (known as their estate) after they have died.
Dealing with the complexities of probate and winding up an estate can be a daunting prospect as financial institutions have different rules and procedures, and executors are liable to HMRC for any errors made in the calculations in regard to inheritance tax.
The probate process can be broadly divided into three stages as follows;
Work up to the issue of the grant of probate, which includes
- obtaining full details of assets and liabilities and lifetime gifts
- completing and signing the executors’ or administrators’ statement of truth and HMRC account
- placing statutory adverts for creditors
- (where appropriate) arranging a bank loan to pay inheritance tax;
- lodging the HMRC account and statement of truth and collecting the grant of probate
We are very experienced in dealing with inheritance tax and can prepare all the necessary forms.
Upon receipt of the grant, the following business is carried out
- registering the grant with all appropriate institutions
- realising assets to repay the Bank loan (if applicable) and meet cash requirements
- paying debts and legacies and obtaining receipts
- making distributions on account of residue
Finally, winding up the estate involves
- submitting corrective accounts for IHT, agreeing the final liability and obtaining a Certificate of Discharge
- completing Income Tax and Capital Gains Tax Returns and issuing Certificates of Deduction of Tax
- preparing and circulating Accounts
- making final distributions and obtaining receipts
Our private client lawyers can offer the clear, empathetic support you need to deal with all of the practical and legal issues involved in handling the estate of a loved one who has passed away.
We can often assist beneficiaries with mitigating inheritance tax that they might need to pay as a result of their inheritance.
Information we need when making your will
Here is a link to a helpful checklist of key information to gather for your solicitor before instructing them to draw up a will.
For information on legal costs