Wills and Probate Service

Dealing with the estate of a loved one can feel overwhelming, but at Maya & Co Solicitors, we aim to guide you through each step with clarity and sensitivity. Here's a detailed overview of the typical probate process:

1. Initial Consultation and Information Gathering:

• We begin with a confidential consultation to understand your situation and gather essential information about the deceased, their assets, and their Will (if one exists).

• We will ask for details such as the deceased's full name and address, date of death, information about potential beneficiaries, and an initial overview of their assets (property, bank accounts, investments, etc.).

• If a Will is available, we will review it carefully to understand the executors' roles and the distribution of the estate.

2. Determining the Need for Probate:

• Probate is the legal process of proving the validity of a Will and obtaining the legal authority to administer the deceased's estate.

• Whether probate is required depends on the nature and value of the deceased's assets. For example, jointly owned assets that pass by survivorship or assets with low value may not require a formal grant of probate.

• We will advise you on whether applying for a Grant of Probate (if there is a Will) or Letters of Administration (if there is no Will) is necessary.

3. Valuing the Estate:

• A crucial step is to accurately value all of the deceased's assets as of the date of death. This includes:

  • Property (residential and commercial) – often requiring professional valuation.

  • Bank and building society accounts.

  • Investments (stocks, shares, bonds).

  • Life insurance policies (payable to the estate).

  • Personal possessions (vehicles, jewelry, antiques, etc.).

  • Business interests.

  • Any other assets held by the deceased.

• We can assist you in identifying the relevant institutions and obtaining the necessary valuations.

4. Preparing the Legal Documents:

• If probate is required, we will prepare the necessary legal documents for the probate application. This typically involves:

  • For a Will (Grant of Probate): Drafting the Probate Application, the Oath for Executors, and potentially an Inheritance Tax Account (IHT205 or IHT400).

  • Without a Will (Letters of Administration): Drafting the Application for Letters of Administration, the Oath for Administrators, and the Inheritance Tax Account.

• These documents require accurate information about the deceased, the executors/administrators, and the estate's value.

5. Submitting the Probate Application:

• Once the legal documents are prepared and signed by the executors/administrators, we will submit the application to the Probate Registry.

• There is an application fee payable to the Probate Registry.

• The Probate Registry reviews the application and may raise queries or request further information. We will handle all communication with the Registry on your behalf.

6. Obtaining the Grant of Probate or Letters of Administration:

• If the application is successful, the Probate Registry will issue a Grant of Probate (where there is a Will) or Letters of Administration (where there is no Will).

• This legal document provides the executors or administrators with the authority to collect the deceased's assets, pay any outstanding debts and taxes, and distribute the remaining estate to the beneficiaries.

7. Administering the Estate:

• With the Grant of Probate or Letters of Administration in hand, we will assist you in the administration of the estate, which includes:

  • Collecting all assets belonging to the deceased.

  • Paying any outstanding debts, funeral expenses, and administrative costs.

  • Dealing with HM Revenue & Customs (HMRC) regarding any Inheritance Tax liability. This may involve submitting further tax returns and arranging for payment of the tax.

  • Managing the sale or transfer of assets, such as property or shares.

  • Keeping accurate records of all financial transactions.

8. Distributing the Estate to Beneficiaries:

• Once all debts, taxes, and expenses have been paid, we will prepare final estate accounts detailing all income and expenditure.

• Subject to the terms of the Will (or the intestacy rules if there is no Will), we will distribute the remaining assets to the beneficiaries.

• This may involve transferring funds, selling assets and distributing the proceeds, or transferring ownership of property.

9. Finalizing the Estate:

• After all assets have been distributed, we will conclude the administration of the estate. This may involve obtaining receipts from the beneficiaries.

 

At Maya & Co Solicitors, we understand that this is a difficult time, and we are here to provide professional support and guidance throughout the entire process. We aim to handle the legal complexities efficiently and with sensitivity, allowing you to focus on grieving and supporting your family. Please do not hesitate to contact us for a free initial discussion about your specific circumstances.