The work we do 

The task of dealing with the assets of a relative or friend who has died can seem daunting. Our experienced team will provide advice in a caring and sensitive manner.

To access some monies or sell assets (like property or shares) after someone dies, you often need a grant of probate. This is a court order which sets out the right person/people for the bank, etc., to pay the monies owed by the person who has died. The right person/people (usually called the executors) are appointed by the deceased in their Will and can apply for the grant of probate.

The usual process for applying for a Grant of Probate is as follows:

  1. (A) We collect information from asset providers (and debtors such as mortgage or credit card companies) to ascertain the value of the estate at date of death. This can often include ascertaining the probate value of the deceased’s property(ies).
  2. (B) This information is then set out in a Schedule of Assets and Liabilities, which the executors will be required to check carefully, to confirm the correct figures are recorded, and sign.
  3. (C) We will assess whether Inheritance tax (IHT) is payable and if so, or where certain allowances are being claimed, we will prepare the Inheritance Tax 400 form (IHT form) for HMRC. This form must be signed by the executor/s and it is their duty to ensure they have disclosed all the assets of the estate and checked everything before signing. HMRC have 28 working days to review the form. (D) cannot be started until HMRC have reviewed the form and provided a code. If IHT is payable, the IHT (or an initial payment) must be paid before we can start (D). This process can take several months, especially if HMRC raise any queries regarding the IHT forms.
  4. (D) The Legal Statement forms the basis of the application for probate. Once completed, it is printed off and must be signed by the executor/s. It is their duty to ensure they have disclosed all the assets of the estate and checked everything before signing. The probate registry then has a minimum of 16 weeks to process the application.
  5. (E) The grant of probate is received from the probate registry, and we will provide you with certified copies for you to call in the assets (grant only instructions end here). 

If you wish for us to administer the estate we would then:-

  1. (F) Close the bank accounts, call in the investments, pay debts, and generally administer the estate, pay the legacies, if any. Arrange for the sale or transfer of securities (shares) and property in accordance with your instructions. Settle final inheritance tax (by instalments if appropriate). Prepare estate accounts to account for all the monies received and paid by the estate during the administration. Distribute the estate in accordance with the Will, or the intestacy rules, as appropriate.

We would normally advise executors not to distribute any funds until a period of 6 or even 10 months has passed to ensure that no claim is being brought against the estate under the Inheritance (Provision for Family and Dependants) Act 1975.

To find out more, call us now on 01934 842811 and speak to Jacqui or email [email protected].

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