A lot of industries have been affected this year and that includes the probate industry. Probate is the process of obtaining a grant of probate from the Probate registry to access the assets of a person who has passed away. Probate has never been a quick process but with this year’s lockdown restrictions, changes to processing procedures and increased death rate, the probate registries have been struggling to meet demand. How long is probate currently taking? The probate registry is reporting a wait time of up to 8 weeks, however many are waiting up to 12 weeks, sometimes longer. There… read more →
What is an unattended funeral An unattended funeral is a funeral that takes place privately at the crematorium or burial ground, it is not witnessed or attended by family or friends. An unattended funeral more often includes a direct cremation with the ashes being returned to the family once the unattended funeral has taken place. Alternatively, it is possible to have a direct burial where the body is buried with no attendees. What does it cost and what do you get? The cost of an unattended funeral can vary, but burial is often slightly more costly than a cremation. An… read more →
Probate property is most commonly used to refer to land or buildings where a registered owner is deceased. The “probate” in probate property refers to the requirement of a grant of probate in order to sell or transfer the property because there is a deceased owner. Why does a deceased persons property require probate? Significant assets in a deceased’s sole name, in the majority cases, will require probate. Therefore it is necessary for a house to go to probate before it can be sold or inherited. This results in a change of ownership being registered at the Land Registry. Probate… read more →
What does probate mean? The literal definition of probate is “the legal proving of the Will” the proof comes in the form of a grant of probate. However, this probate definition doesn’t really give a clear understanding of the meaning of probate in all its uses. In practice, the term “probate” can have multiple meanings. It can be used to refer to the process of “proving the Will” which involves obtaining legal proof in the form of a document issued by the court known as a grant of representation. Alternatively, it can be used to refer to the grants of… read more →
Where there is no Will and someone passes away, they are said to have died intestate. Where there is no Will – financial provision for the family & dependants is governed by a set of rules known as the Laws of Intestacy. These define who looks after the deceased’s financial affairs, their estate, and who will inherit it. Where there is no Will only a spouse, a blood relative, or an adopted child can inherit automatically from someone who has died. In other words, the Laws of Intestacy make provision for the deceased’s immediate family. In descending order of priority… read more →
Probate involves getting legal permission for the executor to deal with the deceased’s finances; their estate. One of the executor’s most important duties is to administer the deceased’s financial affairs and if required, obtain probate in order to do this. Probate involves establishing exactly what assets were owned by the deceased, obtaining the value of these assets in order to establish the value for the entire estate.. The executor is also responsible for gathering together all the assets owned by the deceased including money, assets and possessions, settling any taxes, debts or liabilities and distributing the estate to the beneficiaries… read more →
What are probate fees? Probate fees in the UK are the charges made by the Probate Courts in England and Wales for the application and registration of probate. When an individual applies, the probate application fee is £215. However, if a solicitor makes an application the fixed fee is reduced to £155.00. Both are subject to VAT. Probate fees increase in 2017 The cost of probate has been set since 1999 as a flat rate fee of £155 or £215, irrespective of the value of the deceased’s estate. However, in the budget of 2016 it was proposed by the government that… read more →
One of the first questions asked when it comes to dealing with the deceased’s finances is what I need to do to find out for sure if probate is necessary. It is often thought that probate is not required if: 1) There is a Will 2) There is no Inheritance tax to pay because the estate’s value is below £325000. 3) The Will is not being disputed – everyone is in agreement on how the estate is to be dealt with/divided. 4) The Will is simple – it leaves everything to a surviving spouse or to immediate family. But none… read more →
One of the most important tasks for the executor is dealing with the estate’s finances. It may be, as part of this process probate/letters of administration will be required. This will involve a return to the Revenue either on an IHT 205, which provides a brief summary of the decease’s assets and liabilities or on an IHT 400 which requires a more detailed account of them. When it comes to obtaining probate, the executor can, of course, choose to use a solicitor. However this may be regarded as unnecessary and expensive. When dealing with the estate’s finances DIY probate may… read more →
Valuing assets in the deceased’s estate is one of the most important jobs the executor or administrator has. It is the basis upon which an estate is assessed for IHT purposes. What assets should be included in any valuation? Everything, including property, land, cash in banks and building societies, shares, valuables for example jewellery, collections of art, coins & stamps and cars etc. All valuations are assessed on the date of passing. It’s worth noting that HMRC may challenge any valuations they disagree with so it’s important to provide a reference as to how they were arrived at. Valuing assets… read more →
A gift with reservation occurs when an individual makes a gift of an asset during their lifetime but continues to benefit from it. The most common example of a gift with reservation arises when someone gives their property away but continues to live in it. Spurred by the concern about the property being used to fund long term care it is often suggested that the family home is transferred into the names of the children. It should be pointed out that this is not always a good idea as what happens to the property now depends on the children’s circumstances.… read more →
Resealing a grant of probate is a requirement for estates that include assets of a foreign jurisdiction. When a person is domiciled abroad and has assets in the UK, for example a property, the problem arises as to how to deal with the UK assets when they pass away. It is often the case that the grant of probate issued by the court local to where the deceased passed away will not be recognised here in the UK. In order to deal with these assets, one possibility would be to obtain another grant of probate in the UK to deal… read more →
What is the tell us once? How can it help me Tell us once is a free service offered by most local authorities on behalf of the DWP (department of work and pensions). It allows you to report a death to multiple Government organisations all at once. How do I use the tell us once service? To use the tell us once service you must first register the death. Once the death has been registered your registrar will inform you if the service is available in your area and the give you the option to use it. Some registrars will… read more →
September the 15th is pension awareness day. A day to look at the importance of saving for the future. Saving for our retirement may seem tedious at times, it is however is one of our greatest financial priorities, especially as life expectancy is growing and retirements are likely to last longer. The idea behind a pension scheme is very simple: it is essentially a pot of cash that you, and your employer agree to contribute to, which you get tax relief on and which you can make use of, once you exceed a certain age. Essentially exchanging a portion of… read more →
In the modern world use of the internet and electronic devices has become a staple of our daily routines. We can do almost everything online, through digital platforms we share our memories, through photos and videos, our interests through social media and even our bank details with online shops. As great and convenient as that is, having so much of our lives and personal data online has created new challenges for executors and administrators. Which raises the question, what happens to our digital assets when we die? What are digital assets? With the online world getting bigger every day and… read more →
Pre-paid Funeral plans are become an increasing popular option with around 1.3 million people in the UK having one in place. With the costs of funerals increasing every year it is easy to see why more and more people are opting to lock in a good price for their funeral now. What are pre-paid funeral plans? A pre-paid funeral plans are made up of a predefined set of services (these vary depending on the plan) that most often include either cremation or burial, and a funeral service. These plans are offered at fixed cost that can be paid either upfront… read more →
When a person passes away their estate needs to be collected, administered and distributed to their beneficiaries. The executor of the estate is responsible for identifying all of the estates assets and their value. An estate will include a variety of different assets. Most commonly a person will hold property, bank accounts and shares. If an estate is subject to probate, the executor will need to obtain valuations for the assets. This is to give the correct information to HMRC. Establishing what shares the deceased had To start the executor should collect the share holding certificates. There are a few… read more →
In order to establish when a deceased’s property can be sold you must first identify how the property is owned. Depending on how the deceased owned their property will dictate if it is necessary to obtain a grant of probate and therefore when the property can be sold. To find out how a property is owned you can order an official copy of the register from HM land Registry through the government website. You can only do this if the property has been registered; some older properties that have not been brought or sold in a long time may not… read more →
It is the responsibility of the executor to administer the estate of the deceased and to account for any hidden assets. One of the first steps of administering an estate is locating all of the deceased’s assets. This step can seem easier than it actually is in practice. If the deceased kept poor records, was private about their financial affairs or had difficulty with their memory later on in life it can be difficult to create a comprehensive picture of what assets they owned. Assets that are difficult to locate can be referred to as hidden assets (although you often… read more →
What is probate? The term probate is often used to describe the process of administering a deceased persons estate and applying for a grant of probate. A grant of probate confirms the executors/administrators right to handle the deceased’s estate and is required to access assets held in the deceased’s sole name in order to distribute them to the beneficiaries named in the Will or through the Rules of Intestacy. Probate is not required for assets owned jointly with another person, for example a surviving spouse or civil partner. As assets held jointly will usually pass over automatically to the surviving… read more →
What is probate? Probate is a term often used to refer to the process of applying for a grant of probate. A grant of probate is a legal document issued by the government, after a valid application has been made, that proves the executors/administrators right to access the assets of the deceased. Institutions holding assets in the deceased’s name may require the executor to provide a grant of probate before they will release any assets to them. How do I get a grant of probate? To obtain a grant of probate the executor named in the will or if there… read more →
There are circumstances where the executors and beneficiaries of an estate want to redirect some of an estates assets to someone who was not included in the Will. There are many reasons as to why you might want to do this, it could be you believe they were mistakenly left out, new grandchildren could have been born since the will was written, or you are acting on a verbal request from the deceased. Whatever the reason you should consider carefully how you are going to redirect the estates assets. One option would be to distribute the estate according to the… read more →
Clearing a loved one’s property can be an emotional and sometimes daunting task, it can be hard to know where to start. When clearing a property there are a few options depending on how much time you have and whether you feel up to the task. The first would be to clear the property yourself, if the property is relatively small or the deceased didn’t own very much it should be relatively easy to do this. For larger properties or if the deceased had a lot of possessions you may want to look into hiring a professional to clear the… read more →
When a person owns a property it is common for it to be left unoccupied after their death. For a lot of people their property will make up the majority of the value of their estate it is important that the executor ensures it is properly protected during the estate administration until it can be passed to the beneficiaries. If the property was held in joint names or tenants in common the remaining owner should contact the insurance companies and make arrangements to keep the home covered. They will need to be contacted as soon as possible in order for… read more →
Being the executor of an estate is not a simple task and obtaining a grant of probate can be a long and complex process. It is almost impossible to predict what complications are going to be uncovered during the administration. One of the more complicated but unfortunately relatively common issues that we come across in this industry is that the deceased was the recipient of an Estate that was never administered and only discovered by executors upon the second death. Unfortunately this is not a complication that can be ignored it and it needs to be handled proactively. The first… read more →
The prospect of paying thousands of pounds in solicitor’s fees is obviously a massive deterrent for executors when faced with the administration of an estate. For executors who need professional assistance looking into the costs involved can be extremely stressful and in some cases, they can be made to feel helpless when faced with fees that they personally are not able to pay. It is often misunderstood who is responsible for paying the solicitor and this misunderstanding can cause the executors unnecessary stress thinking they can’t afford the help. Solicitor’s fees are considered almost like a debt on the estate… read more →
Who can be named as an executor? A testator (the writer of the will) may choose whomever they want as the executor of their Will, in most cases the executor will be a family member, close friend, solicitor or bank. It is recommended to choose family and friends over professional executors. The Guardian breaks down why professional executors aren’t always a good idea in their article “The £600m RIP-off“. The testators chosen executor will be named in their will and upon the testator’s death will have the legal authority to apply for a grant of probate. It is common for… read more →
Something that we see often is a misunderstanding of what a power of attorney is able to do once the person has passed away. It is very common for people to believe that they have the same authority to handle the deceased’s financial affairs when they pass away as they did when the person was alive. However this is not the case as Power of attorney becomes invalid upon a person’s death. You should not continue to access and handle the deceased’s financial and legal affairs as you did when they were alive. Once a person dies authority over their… read more →
Do I need to apply for probate? Not everyone needs to go through probate as the requirement for probate is not solely dependent on a person’s death but on the assets in their estate. In the simplest explanation, a grant of probate is needed to release the assets of a person who has passed away and owned assets in their sole name, worth over a certain value. If the deceased held assets of significant value in their sole name, for example property, you will need to apply for probate. Not every estate will require probate in order to be administered. Estates that are made… read more →
Selling a property that is subject to probate Many people will experience the process of buying or selling a property at some point, it is not always a straight forward process but when selling a property that is subject to probate there is added complication. If a property is owned in the sole name or as tenants in common by someone who is deceased it cannot be sold until the deceased’s name has been removed from the deeds. In some cases the property may be the only asset in the estate that requires probate as for most people a property… read more →
Probate forms explained Previously we have gone through the PA series of application forms you will need for probate. The PA1 form is the simplest in the process. The IHT forms is where it starts to get a little more complicated. This post goes through and explains the forms you will need when applying for a grant of probate for an estate where there is no inheritance tax to pay using the IHT 205. The first thing you need to do is establish which IHT forms you will need, there are a few factors that will determine this but the… read more →
PA1 probate application forms explained If the deceased’s estate requires probate in order to administer it, the personal representative will need to apply to the probate court for a Grant of Representation. Where there is a Will the court is looking to validate the Will as a legal document; where there is no Will the court is looking to confirm the identity of the next of kin. The process of applying for probate can be complicated and filling out probate forms can be an overwhelming task when also dealing with the grief of losing a loved one. There are a couple of… read more →
Final duties break down the legal differences between Marriage, Civil partnerships, Co-habitation and Common law It is extremely important to understand you and your partners legal standing in the event of one of your deaths, unfortunately, it is an issue that is commonly misunderstood or completely unknown for a lot of couples in the UK. Whether you are married, in a civil partnership, co-habiting or common-law partners, what happens to your estate upon death is reliant on the legal status of your relationship. Unfortunately not taking the proper precautions can lead to a lot of distress, disputes and even court… read more →
Protecting your partner’s interest in preparation for when you’re gone is a high priority. With expensive care fees becoming more and more of a drain on savings, many couples are now looking into ways to protect their assets. It’s becoming increasingly common for couples to change the way in which they own property. One way to do this is by changing the type of ownership from Joint tenancy to tenants in common. This can help to protect their assets in the future but how does this affect the distribution of your estate? Joint tenancy Joint tenancy is the most common… read more →
Do you need probate for joint bank accounts? In the majority of cases, you will not need a grant of probate for a joint bank account. The account will pass over to the surviving owner/owners and the deceased’s name will be removed from the account. Being an Account Signatory is not the same as being a joint tenant on a bank account. Being an account signatory allows authorised access to another person’s account but they are not an owner of the account. If the account is in a sole name, with an account signatory, and the account is over the… read more →
What is an executor account? An executor account is a special banking account that enables the estate’s executors/administrators to gather all of the deceased’s cash assets in one place. The deceased’s assets will be collected at different points throughout the administration of the estate and will be held in the executor’s accounts until all of the assets have been collected and are ready to be distributed. Executors can access the funds in the account during the administration of the estate but only for costs associated with the estate’s administration, these can include paying for funeral arrangements, probate and administration costs… read more →
Probate Costs In this guide we are going to take a look at Probate Costs and how they are calculated when applying for Probate. Firstly we should break probate fees down into two category’s. Legal Fees and application or disbursement fees Probate Disbursement Costs A disbursement or application fee is a cost associated with the application process its self. The first fee you have to take into account is the probate application fee. This fee is paid to the registry office when the probate application is made, it is currently £215.00 for a personal application. This fee is reduced when… read more →
Cheap Probate Is there such a thing as Cheap Probate ? Well depends who you ask of course. Probate Fees are just another added expense at a time when you don’t really want to be thinking about cost. Its precisely because of this that its worth shopping around for probate in order to reduce probate fees. Is Cheap Probate Bad Probate ? No not always, the trick to managing probate fees and obtaining probate for the cheapest possible cost is to shop around but not all probate providers are equal. So back to the question is cheap probate bad probate?… read more →
The term probate can often be used to describe the entire process of administering an estate, which in general is not a quick process. On average, estate administration can take 9-12 months. There is probably no such thing as “fast probate” but you can help speed up probate. The probate process can be broken down into 3 stages. During each stage there are different steps you can take to speed the whole process up. Stage 1 : Pre-probate administration and preparing the probate and inheritance tax applications. The first stage involves gathering information about the estate to make an application… read more →
About Final Duties Probate Lawyer After the loss of a loved one you will have to organize the funeral and carry out the last wishes of the deceased. Once you start the process you may be surprised when you discover how complicated the whole process of death can be. What if you cannot find the will or no will was made by the deceased? Then what do you do? What is probate and how do I go about completing the probate process? Do I need a probate lawyer? All of these questions and more can be answered by the friendly… read more →
Filling for a grant of probate can be a very long and difficult process. If you have little or no knowledge about probate it would be wise to consider hiring an expert to help you. Final Duties offers the best probate help and has done for many years. Final Duties also offers valuable information regarding probate on our Website. There you can find a wide variety of information about the entire probate process. Final Duties offers detailed information about all the important documents and items you will need to file for probate. This information is located under the “Probate Checklist”… read more →
When do you need a Probate professional when dealing with probate? Applying for probate is a task that many people find daunting, some people do successfully apply for probate themselves and some people don’t have the time to give up to the hours of paperwork and others simply don’t feel confident in their knowledge of probate. Probate can be very complex and even the smallest of estates can take between 6-9 months to complete. Some people may have experience of dealing with probate in the past and are well aware of the obstacles that may arise and others wouldn’t even… read more →
The Probate Service forms part of the HM Courts & Tribunals Service. It deals with ‘non-contentious’ probate, which is probate applications where there is no dispute about the authenticity of a will or any entitlement to a grant. The probate service is responsible for issuing grants of representation which are in most cases required in order for a deceased’s persons assets to be administered. There are 3 types of grant of representation that the court will issue. Grant of Probate (when the deceased person left a valid will and an executor is acting) Letters of administration with will (when a… read more →
How Does The Probate Process Work? The probate process can be very complicated and time-consuming. After the loss of a loved one, it is important that you carry out their final wishes. Calling an expert at Final Duties can help you carry out the last will and testament of the deceased. Understanding how probate works can help you through the complicated process of death. The main purpose of probate is to help in managing the estate or assets of a person who has died. Probate court is a particular type of court that deals exclusively with this process. The first… read more →
The Question “Do I need a probate solicitor?” in one that we hear on a regular basis, or we see when browsing conversations in online forums, “Do I need a Probate Solicitor?” The answer is no, there is no law stating that you need to use a solicitor when applying for a Grant of Probate. If someone chooses to take the responsibility of dealing with a whole probate case without legal professionals then that is not a problem, although having some kind of experience within probate probably would be an asset as probate can be very time consuming and complicated.… read more →
An explanation about Probate Property Valuations and what’s involved It is common that when someone passes away that the most valuable asset in their estate is property. Hopefully, they will have written a will which dictates how their property should be managed. If there is no will their property and other assets will be distributed according to the rules of intestacy. When applying for probate the property will need to be valued even if the beneficiaries are not planning on selling it. The property that is subject to probate will be valued based upon the ‘open market value’. This gives… read more →
Mourning and grief are experiences which are almost certain to take place to us sooner or later in life. Coping with Bereavement ordinarily means to lose someone we feel affection for through death. It results in a great longing for the deceased person and a cycle of adjustment which may well take years. All parts of our being may possibly be affected – emotional, physical, spiritual and social – but the overriding feeling is one of intense pain, or grief. Stats from BBC website below It’s estimated that each day 500 women in the UK will become widows. It’s estimated that… read more →
Are you in London or surrounding areas and require Probate services? Final Duties can offer a value-for-money probate service through regulated specialist firms and assist with the next steps with helpful advice and an empathetic approach. We provide quick and simple quotes. Unlike many banks and other probate providers, we do not even have to arrange for a face-to-face appointment. The London Probate office is located at the First Avenue House at 42-49 High Holborn. The First Avenue House has 19 Family Division courts and holds a complete set of calendars of wills and administrations from 1858. The First Avenue… read more →