Probate

Probate is a term used when referring to the process of  establishing ownership  of an estate  and obtaining the legal right to deal with a deceased person’s estate.

The responsibility for probate lies with the Executors of a Will who may take on this responsibility or appoint a professional firm to carry out the duties.

Probate is still required if there is no Will although the process is known as ‘administration’.

Executor duties are as follows;

Beneficiaries

Interpret the Will and identify the Beneficiaries

Assets

Establish all the assets and liabilities of the estate

Tax Returns

Preparing Tax Returns for the deceased in respect of Inheritance Tax, Capital Gains Tax and Income Tax.

Debts

Settling all the debts of the Estate.

Legacies

Pay the legacies bequeathed under the Will.

Kings Court Trust, our preferred probate provider, can handle all of these responsibilities and can support the executor with the probate whether or not they are named in the will as an executor and even where there is no will.

As part of their Probate Service they engage in the following;
• Take on the responsibilities of the Executors
• Assume all the liabilities of the Executors
• Value and collect in all the Assets
• Apply to the Court of Probate
• Handle the sale of any properties
• Distribute all the Assets
• Pay the Income and Inheritance Tax
• Produce Estate Accounts

You need to exercise extreme care when taking on the role of Executor. You are not merely acting for the deceased person; you are actually taking over their financial affairs. If not dealt with correctly you could find yourself personally liable for their debts and any losses involved.

Setting up a Will is never easy, but with David’s input we discussed scenarios we never even thought about. His knowledge and explanation made our decision a lot easier.

Anja & Roland Reay

I found the Wills service provided was extremely professional, efficient & simple.
This took all of the confusion and complexity out of this process and left us feeling much more confident & content.

Ian & Deb Innes

I found the service from David to be first class, we felt as though he had our very best interests at heart. The whole process was straightforward and not all time consuming. Thank you again David for looking after us.

Gary Ward