Professional Probate Service

Not sure what Probate is or how it should happen? Templar Estate Planning’s professional probate service is here to help you.

What is Probate?

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.

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.