Managing the estate of someone who has died is a difficult thing to do.
When your family is grieving, probate is an additional burden they will need to deal with to settle a loved one’s estate.
Getting assistance from a specialist probate solicitor can help make the process as smooth as possible.
At Glaisyers Solicitors we understand that dealing with financial matters after a bereavement is a daunting prospect. Our experienced Probate solicitors will guide you through the process whether there is a Will or not. If there is a Will it will say who inherits the assets and we can act on behalf of the people named as executors. They are responsible for dealing with the estate and may also be the people inheriting the assets. If there is no Will (known as Intestate) the law dictates who will inherit. In most cases a spouse or immediate family will inherit, but if there are no close family members the estate may pass to more distant relatives, in accordance with the Intestacy Rules.
The process of administering an estate includes identifying and valuing the assets and liabilities, reporting inheritance tax and applying for probate – then closing the bank accounts or passing assets on to beneficiaries. Its complexity depends on the type of assets the person owned and their personal circumstances. We will guide you through all stages of the administration of the estate.
It is important to make sure that the assets are valued correctly and that appropriate details are included in the inheritance tax return when it is submitted to HMRC as the tax payable by the estate will be calculated on these values. There are certain allowances and exemptions that can reduce the amount of tax the estate has to pay. Your solicitor will help you to identify the appropriate details to include in your inheritance tax return.
If the terms of the will, or the distribution under the intestacy rules, aren’t quite right for your family’s circumstances we can help you to create a deed of variation, to rearrange the distribution to beneficiaries. This process can help to protect assets, provide for people who were not originally included or to benefit from tax advantages which might otherwise have been missed.
If the will contains a trust, we will help you work out your options for running the trust or winding it up if it doesn’t meet your needs.
We regularly deal with high value estates, including company and business interests, portfolios of investments and properties. We also work closely with lawyers in other countries for clients who have international assets, cross-border estates or beneficiaries in other jurisdictions.
Dealing with probate following bereavement can be an emotional process. Our solicitors will support you to deal with the practicalities. Our services include:
- Application for grant of representation (for probate or administration)
- Inheritance Tax reporting
- Identifying, valuing and administering assets
- Distributing estates to beneficiaries
- Deeds of variation to pass assets to new beneficiaries