Frequently Asked Questions – Probate

  1. What is probate?
  2. What happens when someone dies without making a Will?
  3. What does an Executor do?
  4. What is Inheritance Tax?
  5. What happens if beneficiaries cannot be traced?

What is Probate?

Probate is a general term used to cover the process of administering someone's estate.

When someone dies, their assets are frozen. If their estate is worth more than £5,000, the Executors, appointed under their Will, need to apply for a Grant of Probate.

A Grant of Probate gives an Executor the authority to deal with assets in the estate. They will need to show this to banks, building societies and other organisations holding the deceased person's assets.

What happens when someone dies without making a Will?

This is known as ‘intestate’. The next of kin usually need to administer the deceased’s estate by applying for a Grant of Letters of Administration.

A Grant of Letters of Administration gives authority to handle the deceased person’s assets.

Assets must be distributed according to the rules of intestacy, which can be complex. Additionally, default rules apply meaning that things may not work out as expected.

Where an estate is paid if no Will has been made. >> see flowchart (pdf)

The best way to be sure of what happens is to make a Will.

Vanderpump & Sykes are able to help with writing a Will and provide comprehensive advice to ensure your Will is tax efficient.

What does an Executor do?

Depending on the size of the estate, the Executor's job can be very time consuming and involve the following:

Vanderpump & Sykes are able to help you with the above tasks

What is Inheritance Tax?

Generally, Inheritance Tax is payable on death at 40% of the balance above the nil rate band threshold.

It is possible to change the way assets have been left, to minimise the amount of Inheritance Tax payable and/or to reduce any liabilities for care home fees.

Getting professional advice on tax can be extremely cost effective. Vanderpump & Sykes can assist you. Certain investments and life assurance policies can be paid to beneficiaries before the rest of the estate is distributed. You can set these up for yourself when planning your Will or tax affairs.

What happens if beneficiaries cannot be traced?

A common mistake made by family is to assume that they will inherit the share of a missing beneficiary because they cannot be found. This is not the case.

The most cost-effective and quickest way to find beneficiaries is to seek the advice of an experienced genealogist. In most cases, the missing beneficiaries will be found. If not, Executors can take the following action:

For further information on how Vanderpump & Sykes can help you with Probate, please contact us on: 020 8370 2899.

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