What is Probate?
Not sure what Probate is or how it should happen? Templar Estate Planning’s professional probate service is here to help you.
Probate is the legal and financial process involved with dealing with the estate of a person who has died. Usually, before your estate can be distributed, the person dealing with it – normally your Executor (if you had a Will) or Personal Representative (if you had no Will), has to apply for Probate.
Key Duties When Applying for Probate
Once probate has been granted either via a Grant of Probate or Letters of Administration your estate can be distributed. Some of the duties required for applying for Probate include:
- Locating all the Estate’s assets
- Accurately valuing the Estate
- Identifying all debts and settling these
- Calculating and paying Inheritance Tax, Capital Gains Tax and Income Tax
- Dealing with HM Revenue & Customs
- Locating and contacting all Beneficiaries
- Selling or transferring property and other assets, which may involve conveyancing
- Distributing the Estate in line with the Will (if there is one) and inheritance laws
When is a Probate Needed?
Probate, or a Grant of Probate, is almost always needed when the person who dies leaves one or more of the following:
- £5,000
- Stocks or shares
- Certain insurance policies
- Property or land held in their own name, or as Tenants in Common
In most cases the bank or relevant institution will need to see the Grant of Probate before transferring control of the assets. Different institutions have different limits before requiring a Grant of Probate.
What Are the Benefits of Having a Probate Professional?
Much like the overall role of being an Executor applying for Probate is a process that can be completed by the average person. However, it is a very important process to get right, and ultimately the person applying for it could be legally held responsible if it is not completed correctly – particularly with calculation and payment of taxes.
Some circumstances when you might prefer to use a probate specialist:
- The estate is earning a regular income, perhaps through property or investments, where there are complicated taxes due
- You are unsure if you can or should also claim the Residential Nil Rate Band allowance, which is currently £175,000 (2021/22)
- If you are unsure whether you can claim unclaimed Inheritance Tax allowance from a previously deceased spouse
- There are doubts about the validity of the will or someone is challenging it
- The deceased died without a will and it’s a complicated estate to administer
- The deceased had dependents who were deliberately left out of the will, who have or might want to make a claim on the estate
- The estate has complex arrangements, such as assets held in a trust
- The estate is bankrupt/insolvent
- It is unclear if the estate is bankrupt
- The estate includes foreign property or foreign assets
- The deceased resided outside the UK for tax purposes
Talk to Us if You Have Any Concerns Regarding This or if Any of the Above Apply.
We can arrange for a professional probate service at a competitive price to put your mind at rest and release you or your loved ones from the burden of applying for Probate.
Contact us today to find out more.
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Some of our reviews
Simple, honest and very helpful without being pushy.
Easy to talk to and takes the time necessary to get the important points across. It is clear that he does understand the issues which is important to us.
Excellent service, we would recommend David and Templar estate planning
Excellent service, we would recommend David and Templar estate planning
When Templar Estate Planning prepared my will for me I felt very comfortable and at ease,it’s lovely that they go threw things step by step and listen to your every need and prepare just wot you want to the letter.Doing a will and going to a solicitor can be very scary but the fact there not suited and booted made me very uncomfortable.I would highly recommend them to anyone wanting to make a will.
David was brilliant in sorting out our will and POA. Explained everything in detail. No sales pitch of hard sell. Definitely can recommend him to anyone wishing to get their estate planning in order.
David spent a lot of time with my elderly parents, carefully and clearly explaining all the options open to them. Nothing was too much trouble - even when they came back to him several times to ask for info on other matters. His knowledge and suggestions were incredibly useful. My husband and I were so impressed we will be getting him to re-do our wills. We all highly recommend him.
I have been putting off for ages taking action to arrange Powers of Attorney, despite knowing how important it is do this. I found David Robinson and staff at Templar Estate Planning extremely helpful, explaining very clearly and patiently (given that I am 85 years old) the processes involved, and providing useful material to take home and read. I followed his directions and the forms are now ready to be sent for registration.
Dave was super helpful coming to us to discuss at our home due to disability. No big sales pitch or exaggerated claims for what he could save us in IHT …just matter of fact stuff that will benefit us and make things more secure for our kids. A bit of a dent in the IHT likely to be paid is a bonus and he has shielded our Estate from inheritance monies in future.
Needed a Will and decided to try Templar estate planning,
spoke to a lady called Claire who was very helpful, and went through the process with me over the phone ,then booked an appointment to go in and see a gentleman called David, very professional and catered for all I needed for my Will, I was very happy with the service and would recommend to anyone looking to do a will , look into Templar estate Planning.
spoke to a lady called Claire who was very helpful, and went through the process with me over the phone ,then booked an appointment to go in and see a gentleman called David, very professional and catered for all I needed for my Will, I was very happy with the service and would recommend to anyone looking to do a will , look into Templar estate Planning.
Both David and Claire were very helpful and informative. David explained the options available to me and listened to my personal circumstances before making relevant suggestions as to how to make a Will
I was listened to , and felt fully informed of my options .
Both Claire and David have always put me at my ease and I felt confident they would understand and advise on any matters that arose both from making a will and sorting out a LPA.
I got in contact with them as a result of a personal recommendation and am happy to pass this on.
I was listened to , and felt fully informed of my options .
Both Claire and David have always put me at my ease and I felt confident they would understand and advise on any matters that arose both from making a will and sorting out a LPA.
I got in contact with them as a result of a personal recommendation and am happy to pass this on.