If a person dies with certain assets in their sole name, it is often necessary to obtain a Grant of Probate (or a Grant of Letters of Administration if there is no Will) to enable those assets to be dealt with. 

Any jointly owned assets will automatically pass to the surviving owner.

The banks and building societies all have different criteria as to when they will need a Grant to close the accounts.  It is worth checking with the financial institution concerned to find out their requirements.

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If the deceased owned a property, probate will most certainly be required before that property can be transferred into the name of another person or sold.

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In order to obtain a Grant the assets in the sole name of the deceased, as well as those owned jointly with another person, will need to be valued.  In certain cases, depending on the value of the estate, an inheritance tax return will need to be drafted and sent to HM Revenue & Customs and any tax due paid.

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It is then possible to apply to the Probate Registry for the Grant.

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Once the Grant is obtained, any property can be sold and the bank accounts etc. closed.  You will need to open an Executor’s Account at a bank to receive the funds.  Debts will be paid, as will any legacies contained in the Will, reports sent to HM Revenue & Customs in respect of any income or capital gains that have arisen during the administration period and, ultimately, the estate can be distributed to those entitled.

This can be a complicated process and we are happy to assist as required.

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Each estate is different so please email Alison or Paul with some basic details and we will contact you to discuss the matter further.

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Costs of dealing with estates vary according to the complexity of the matter.  However, once we are aware of the circumstances, we will be able to provide a cost based on the amount of work required.

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The service that we can provide include:

• Preparing an Estate at Death Account (detailing the assets and values)

• Drafting the Inheritance Tax Return & submitting this to HM Revenue & Customs

• Preparing appropriate forms to send to the deceased’s bank to settle the inheritance tax due

• Drafting the Legal Statement

• Sending the Grant to the various financial institutions together with account closure forms

• Preparing Income Tax/Capital Gains Tax Returns

• Preparing Estate Accounts for approval by Executors.

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Please get in touch with our Trusted Will Writers for further information.

 

Cost on Application