What is Probate?
A Grant of Probate is when the deceased's assets are over a certain amount and you need the court authority to be able to release them to another person. The grant of probate is usually required by the asset holders as proof to show the correct person or persons have the Probate service's authority to administer a deceased's estate.
Types of Probate
- Probate (when the deceased person left a valid Will and an executor is acting).
- Letters of administration with Will (when a person has left a valid Will but no executor is acting).
- Letters of administration (usually when there is no valid Will).
- When is Probate Needed?
It is generally accepted that Probate is needed if there are asset's over £5,000 however it does depend on where the asset is held, we will be able to help work out if probate is needed.
How We Can Help You
Buchanan & Co offers an excellent service with no hidden costs for completing Probate.
The Service we offer includes the following:
- Verification and valuation of all assets based in England and Wales
- The transfer of all joint assets into sole name, as appropriate
- Identify and correspond with all beneficiaries of the estate
- Progress reports available by phone, email and post.
- Applying for the Grant of Probate or Letters of Administration.
- Preparing the necessary documentation for HM Courts Service.
- Transfer all money, assets and gifts to a new bank account that is under the executors name ready to be distributed to beneficiaries.
- Preparing the necessary documentation for HM Revenue & Customs.
- Take any corrective action required by HM Revenue & Customs during the estate administration process.
- In ordinary cases fixed price of £650 or a fixed percentage (%) whichever is the greater.
- £95 premium if there is no will or will is invalid.
- No deposit on engagement with our fees taken out of the estate on completion.
Avoid Inheritance Tax
Legacies are free from Inheritance Tax (IHT). A common way of remembering a favourite charity in your Will is to leave a proportion of your estate above the inheritance tax threshold to a charity and thereby avoid paying any IHT.
Leaving a gift in your Will can be a simple and inexpensive process.