Probate
Home // Services // 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 the Grant of Probate.
When the Administrators collect in the assets and pay off the liabiities, 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.
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 £325,000.00), the appropriate form to complete is the IHT205. If the estate is valued at more than the nil rate band, the appropriate form to complete is the IHT400.
The application for Probate
To obtain a Grant from the Court, the Personal Representatives must complete the form PA1.
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
(see ‘The Inheritance Tax Return’ section for explanation of IHT205 & IHT400)
- Fixed Fee Probate Assistance for estates requiring an IHT205 £1,500 – £2,995
- Fixed Fee Probate Assistance for estates requiring an IHT400 £2,995 – £3,995
- The Probate Registry charges an application fee. This is not included in our fees.
The Probate Registry charges an application fee. 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
01865688309
Leatest News & Article
Do you remember the recent case in the news of two stepsisters fighting over their inheritance? Tragically, when Mr and Mrs Scarle died, their bodies
Months ago we reported on government proposals to restructure the probate fees system. Although some smaller estates would likely benefit from the changes, the impact
Avoiding inheritance disputes when you’re gone… It’s not uncommon for someone’s Will to reveal one or two surprises. Perhaps the deceased has left money to
Home Visits & Priority Service We want every client to feel valued by us. That’s tricky if it would be a struggle for you to
Find out more about/join the Organ Donor Register Pre-paid funeral plan provider, Rest Assured Funeral Plans, have partnered with the NHS in a pilot scheme
The person appointed to administer the estate when someone dies is either determined by their Will (in which Executors are appointed) or by next of
A Trust is a tool which is used to manage the administration or gifting of assets or money in a specific way. Trusts are a
Families – can’t live with them, can’t live without them!? The season of goodwill isn’t guaranteed to bring happiness and joy for everyone. Some are
The detail of administering an estate… …the little things become the big things! How my late dad’s impounded blue Skoda became a proxy for my
In a dispute about funeral arrangements, who has the final say? Even in the closest of families, disagreement or confusion might arise at a time
What is an Executor & what do they do? When you die, the Executor you have named in your Will is responsible for sorting out
What is a Lasting Power of Attorney? Do I need one?! There are two types of Lasting Power of Attorney (LPA). The first is is
Making your Will or Lasting Power of Attorney from home We’re living in a time of dramatic change. The usual routines are no longer in
There’s been much discussion recently about whether it’s possible to make a legally binding Will during lockdown. Why the concern? Well, it is a legal
You can choose someone else to speak for you if you’re no longer able to do so. This could be because you are unconscious or
