Probate is the legal process that takes place after a death. It can be a lengthy and complicated process but it doesn't have to be expensive. You do not have to use the bank or solicitor who drew up the Will - they often charge much more than you need to pay.
Probate establishes ownership of an estate before the tax is paid (if any is due) and the assets distributed. The responsibility for probate lies with the executors of a will who often appoint a professional firm, to take on the responsibility. Probate is still required where there is no will although the process is known as Administration.
The executors have a number of responsibilities, including:
-Interpreting the will and ensuring that the wishes of the deceased as expressed in the will are carried out
-Identifying all the assets and liabilities of the estate
-Obtaining valuations of the joint and sole assets as at the time of death
-Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including businesses, are properly managed
-Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax
-Settling all the debts of the estate including all taxes
-Completing and filing the relevant court forms
-Applying for Probate
-Preparing accounts for the beneficiaries and after payment of all claims, distributing the estate
Working with SWW Trust Corporation, we can handle all of these responsibilities and can support you with Probate, irrespective of who is named in the will as an executor and even where there is no will.
We offer a fixed price probate service based on the value of the estate and how complex it is. Where the estate is small enough not to need a formal process, we will tell you straight away and you will not have any fees to pay.
In addition to the fee charged by us there may be disbursements such as:-
-Estate Agents fees
-Tax Agents fees
-Solicitors fees and disbursements
-Cost of advertising for creditors/claimants
-Cost of tracing missing beneficiaries
-The disbursements will be identified as far as possible and incorporated in the Administration Plan.
All fees and disbursements are valid testamentary expenses payable by the estate.
We work exclusively with the Society of Will Writers Trust Corporation (Probate & Trustee Services Ltd) who are a national company specialising in Probate and trust work.