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;
Interpret the Will and identify the Beneficiaries
Establish all the assets and liabilities of the estate
Preparing Tax Returns for the deceased in respect of Inheritance Tax, Capital Gains Tax and Income Tax.
Settling all the debts of the Estate.
Pay the legacies bequeathed under the Will.
Qualified Probate practitioners 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.