The death of a close family member or friend is an emotional and stressful experience. Dealing with their financial affairs can be a complex process and our experienced team at BSR Bespoke can help guide you through the various steps in handling their estate.
What happens during Probate?
There are five main stages which are summarised below.
1. Notification of death and assessing the estate
- Registering the deceased and notifying the relevant authorities and asset holders
- Identifying the executors if there is a will or the administrators if not
- Identifying the assets and liabilities within the estate
2. Valuing the estate
- Obtaining independent valuations for certain assets, such as property, investments and household/personal goods.
- Include a valuation of jointly owned assets.
- Establish if any gifts have been made in the 7 years preceeding death.
3. Calculating the potential inheritance tax liability
- Any estate with a value above the nil rate band and residence nil-rate band may be subject to inheritance tax (click here to view the latest rates and bands)
- The appropriate inheritance tax form will need to be completed with any inheritance tax due 6 months after date of death.
4. Applying for the grant of representation
- Submitting the application to the probate office together with a copy of the will and death certificate
- Swearing an oath (a promise that the information provided is true to the best of your knowledge)
5. Administering the estate
- Paying the estate debts and any legacies.
- Preparing estate accounts to show all transactions of the deceased’s estate.
- Distributing the balance of the estate to beneficiaries as detailed in the will or under the intestacy rules if no will.
Why choose BSR Bespoke?
Here at BSR Bespoke, we aim to:
- complete the probate process as quickly and as smoothly as possible
- use our specialist tax knowledge to keep the amount of tax the deceased's estate has to pay to a mimimum
- keep costs of administrating the estate as low as possible, as unlike some banks and solicitors we do not charge a percentage of the value of the estate as our fees are based on time spent.
- work with the beneficiaries to set plans in place to miminise their future tax burdens
For a free probate consultation, please contact us.