Can Executors Charge for their work? Executors are entitled to be reimbursed for any out of pocket expenses they have incurred in connection with the Estate during the Probate process. Even though Executors are usually responsible for a substantial amount of work during the administering of...
Applying for Probate can be a stressful and emotional process especially if you are grieving the loss of someone close having recently passed away. It is especially important that you are not taken advantage of at this time and that you do not make a bad decision when instructing a Probate firm to...
Once you have an idea of what the Estate consists of (by listing all the assets) you will have a better idea of what the eventual Probate costs will come to. This is an overview of the costs involved when applying for Probate.Legal CostsFirstly, you must consider whether to instruct a Probate...
A Trustee is someone who holds property on trust for another – ie, a beneficiary. It is often the case that the Executors named in the Will are also appointed Trustees. It is usual practice to appoint at least two Trustees, when making a Will.Who can benefit from a trust? A trust...
When someone dies leaving a Will they usually name at least one Executor. It is usual practice to appoint at least two, that way, if one passes away the other can act without the need for the Probate Registry to appoint a new one. The Executor is responsible for administering the...
This recently reported case of 'Re Northall (deceased) 2010' relates to the principles behind joint bank accounts where one party provides the funds for the account. Click here to read the full report in the Law Gazette 22 July 2010.The deceased, a frail Mrs Northall, sold her property in December...
In order to deal with the assets of the deceased’s Estate, a Grant of Probate must be obtained. This effectively gives the Executors the authority to deal with the Estate in accordance with the wishes of the deceased. All Executors must apply for Probate jointly Where...
You will need to apply for Probate if you have been appointed to act as an Executor in the Will of someone who has died. The Grant of Probate gives the Executors permission to deal with the deceased’s Estate. Probate is generally required in Estates worth more than £5,000.All...
Obtaining Grant of Probate to deal with a person’s Estate can be a rather daunting prospect, not to mention, emotional, especially where a loved one has passed away. It is therefore both useful and important to have an understanding of the basic procedures involved so the Grant can be...
Dealing with the Estate of someone who has passed away can be a very difficult and emotional task, especially, if the deceased was a close family member. If you have been appointed an Executor of an Estate it is very important to fully understand what is involved in order to ensure Probate...
When someone is left with the job of applying for Probate, it can present itself as a rather daunting task, especially if they are not familiar with what happens during the Probate process.If you are appointed as one of the Executors of a Will then it is usual practice for you and the...
If you have been appointed Executor of an Estate it is important to understand what your duties are and how the Probate process works. The Probate process involves a number of steps and the key thing is to be as organised as possible. Do you want to be Executor?If you do not want to act...
There a number of InheritanceTax exemptions and this article will outline exactly what is exempt in order to assist you with some basic tax planning.If your estate is worth more than £325,000 which is the present IHT threshold, there are a number of tax exemptions that you should...
When a person dies without leaving a valid Will they are said to have died ‘Intestate.’ Their Estate must therefore be distributed under the strict laws of Intestacy which can be found in the Administration of Estates Act 1925. This article focuses on the entitlement of the...
What are Letters of Administration? When a person dies without leaving a Will or a valid Will they are said to have died ‘Intestate.' In order to deal with the deceased’s affairs, Letters of Administration must be applied for by the deceased’s relatives or other entitled...
Death of Sole BuyerUpon the death of the buyer, the Personal Representatives (PRs) effectively take on the role and responsibilities of the buyer. If contracts have been exchanged then the PRs are bound to complete, however, they must wait until a formal Grant of Probate has been...
Death of Sole SellerThe death of one of the contracting parties between contract and completion does not affect the validity of the contract. The burden and benefit of the contract simply pass to the Personal Representatives who are then bound to complete.As the Personal Representatives must wait...
What is Inheritance Tax / IHT ?Inheritance Tax (IHT) is usually payable on an Estate when someone dies.IHT must be paid within 6 months of the death of the deceased at the rate of 40%, after taking into account the nil rate band for that year. Therefore, anything over the nil rate band...
When a person dies without leaving a Will, they are said to have died ‘Intestate.’ If they have assets when they die then their assets will be distributed under the Probate rules of Intestacy. The provisions on Intestacy are to be found in the Administration of Estates Act...
