Wills
Probate is the name given to the administration of an estate after someone's death. When a person dies it is necessary for somebody to deal with their estate by collecting in their assets and paying the debts and funeral expenses and distributing the remainder to those who are entitled under the Will or under the law of intestacy if no Will was left. In Order to have authority to do this they need to apply to the Probate Court for a legal document called a Grant of Representation.
There are two main types of Grant of Representation. If a Will was left a Grant of Probate is issued to one or more of the Executors named in the deceased's Will. If the deceased did not leave a Will a Grant of Letters of Administration is issued normally to the closest relatives and the legal title given to them is Administrators.
Once the Grant of Representation has been obtained the Executors/Administrators then have legal power to collect in the assets of the estate.
Garden House Solicitors can help you throughout this stressful period and complicated process by:
- Obtaining valuations of the assets and determining the liabilities
- Preparing the complicated Accounts/Return required by HM Revenue and Customs
- Arranging for Inheritance tax to be paid
- Preparing the necessary Oath/application for a Grant of Representation
- Collecting in the assets of the estate and discharging the liabilities
- Paying the beneficiaries in accordance with the Will or under the Law of Intestacy if there is no Will
- Preparing an Estate Account for the Personal Representatives
- Considering whether any variation can be made to the Deceased's Will to make it more tax efficient
- Setting up the Trusts if any contained in the Will
