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Probate services concern the administering of the estate of a deceased person. The goal is to resolve all claims and distribute the deceased person’s property as per their final wishes.
An authorised professional, or alternatively by a relative or friend, can handle the process.
If the deceased’s estate is worth less than £5,000, or the deceased owned everything jointly with their spouse or civil partner, you don't usually need probate. However, some financial organisations may require probate even if only the amount of money is small.
How It Works
We would recommend seeking out someone skilled in handling the process for all but the most straightforward cases. There are many moving parts to this and handling the estate of the deceased can be very complicated.
This is especially important in situations such as the following:
- The estate has exceeded the Inheritance Tax threshold and Inheritance Tax is due
- There is no Will
- Someone has raised an issue with the Will
- Someone has been left out of the Will
- The estate continues to receive income;
- Estate also includes foreign assets
- There are doubts about the insolvency of the estate
- The estate includes property under a tenancy in common arrangement.
Applying For Probate
In order to apply for probate, an application form must be completed. In addition, you need to complete Inheritance Tax forms. You also need to value the deceased’s estate before you can apply. You have to submit an official copy of the death certificate, the original Will and any fees due.
The person applying needs to swear an oath confirming that the information given is true, promising to administer the estate properly. We are delighted to let our readers know that Key Business Consultants have passed the exams to apply for authorisation to handle the process for our clients.
The ICAEW is an approved licensing authority for probate services and we are now able to apply for accreditation to offer said services. The grant is actually just one small part of handling an estate. We would be happy to discuss planning with you.