Probate
Home // Services // Probate
Probate
What is probate?
This is the process of administering the estate of a deceased person.
It involves locating the original and most recent Will; establishing who the Executors are; valuing the estate for Inheritance Tax; and applying to the Court for the Grant of Probate.
The Grant enables the Executors to prove they are responsible for collecting in the assets, paying off the debts and liabilities, and distributing the estate according to the deceased’s wishes as set out in the Will.
Where there is no Will, Probate involves identifying the next of kin and having them apply to be the Administrators of the Estate.
The estate still needs to be valued, and an application made for Letters of Administration.
When the Administrators collect in the assets and pay off the liabilities, they must then distribute what’s left according to the Intestacy Rules.
Both the Executors and the Administrators, to whom Probate is granted, are known as the Personal Representatives of the deceased.
probate
What paperwork is involved in Probate?
The Will
This is the most important document! It must be the most recent Will of the deceased, and must be the original.
The Estate Accounts
This is a detailed list of all the assets and liabilities of the estate. Later, it is also used to account for all payments out under the Will or Intestacy Rules.
The Inheritance Tax return
If the estate is valued at less than the nil rate band (currently £325,000), the appropriate Excepted Estates forms need to be completed.
If the estate is valued at more than the nil rate band, the appropriate Full Estate Return forms need to completed.
The application for Probate
To obtain a Grant from the Court, the Personal Representatives must complete a Legal Statement.
The above paperwork, and any associated information required by the Court, must be submitted in application for the Grant of Probate.
Receipts
Full records must be kept of all assets gathered in, all debts and liabilities paid, and all payments out to beneficiaries. These records must be kept. HMRC can ask to see these records for up to 20 years after the estate has been distributed.
Probate COST
Probate
- Single Person with assets under £325,000 – Fixed Fee £1,800 inc VAT
- Single Person with assets over £325,000 – Fixed Fee £3,000 inc VAT
- First of a married couple to die with assets below £3million – Fixed Fee £1,800 inc VAT
- Second of a married couple to die with assets below £325,000 – Fixed Fee £1,800 inc VAT
- Second of a married couple to die with assets over £325,000 but under £625,000 – Fixed Fee £2,200 inc VAT
- Second of a married couple to die with assets over £650,000- Fixed Fee £3,000 inc VAT
The Probate Registry charges an application fee, currently £300. This is not included in our fees.
Contact us for a costs estimate tailored to your requirements.
Feel Free to
Contact Us
To find out more please get in touch by telephone or book an appointment online.
Email Us
paul@oxfordwillsandprobate.co.uk
Call Us
01865 688309
Latest Blog
