Today we're going to explain everything about lifetime transfers. The current Inheritance Tax limit is £325,000...
Most probate cases follow the same steps:
- Check if the deceased had a will;
- Apply to the probate registry for a ‘grant of probate’;
- Identifying all of the deceased’s assets and liabilities and paying any Inheritance Tax due to HMRC;
- Collect the estate’s assets, e.g. money from the sale of the person’s property;
- Pay any debts, e.g. unpaid loans or utility bills;
- Distribute the estate.
The time it takes for the probate process to be completed can vary substantially and depends on a number of factors. In our experience, a simple probate case can usually be resolved in around six months whilst more complex cases can take twelve months or even longer.
This depends somewhat on the financial affairs of the deceased and ensuring that any potential creditors have due time to put in their claim against the estate. We can help ensure that your affairs are handled in as expedient a way as possible and also a tax efficient manner.
It is important to note that arguments between family members, beneficiaries or personal representatives can also cause delays. Any disagreements must be sorted out before the affairs of the person who died can be settled. Probate is the term used for this process in England and Wales. In Northern Ireland the probate process is known as ‘grant of probate’ and in Scotland as ‘confirmation’.
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;
- Any issues with the Will have been raised;
- 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.
In order to apply for probate, an application form must be completed. In addition, Inheritance Tax forms need to be completed and the deceased’s estate must be valued before it can be applied for. An official copy of the death certificate, the original Will and any fees due must also be submitted.
The person applying will also need 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 so that the issues are already taken care of.
Get in touch with us via the contact form or call 020 3728 2848.