What is probate?
A Grant of Probate is an order of the Court providing legal authority to the Executors/Personal Representatives to deal with and administer a deceased person’s estate.
The responsibility for probate lies with the executors of a Will who often appoint a professional company to take away the responsibility and deal with probate and administration of the estate on their behalf.
Probate is still required when there is no Will although the process is known as Administration.
The executors have a number of responsibilities, including:
- Interpreting the Will and ensuring that the wishes of the deceased as expressed in the Will are carried out
- Identifying all the assets and liabilities if the estate
- Obtaining valuations of the joint and sole assets as at the time of death
- Ensuring that the estate of the deceased is handles efficiently and that the funds and assets in the estate including business, are properly managed
- Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax
- Settling all the debts of the estate including all taxes
- Completing and filing the relevant court forms
- Applying for Probate
It should not be overlooked that an Executor/Personal Representative/Administrator is personally liable to the deceased’s estate.
As part of our probate service and working together with SWW Trust Corporation, we will:
- Take on all the responsibilities of the executors
- Assume all the potential liabilities from the executors
- Value and collect in all the assets
- Apply to the court for Probate
- Handle the sale of any properties
- Distribute all the assets
- Pay the Income & Inheritance Tax
- Produce Estate Accounts