Not to be confused with a will, probate is a part of the legal process surrounding a death. It involves formally organising and distributing your loved one’s estate—their property, assets and possessions.
Probate can be a time-consuming, confusing and sometimes harrowing process, but Price Mann Probate Services make it easy. We act on your behalf and oversee every stage of the process.
Moreover, probate can often be delayed due to formal valuations of property, investments, jewellery or works of art. Rest assured that Price Mann Probate Services also organise independent, professional valuations that do not impede the speed of the probate process.
Key Stages of Probate
Although each probate case is different, to help you to understand the obligations involved, we have outlined four key probate stages below:
Obtaining a Grant of Probate
This stage is often a stressful and confusing period as it immediately follows your loved one’s death. Obtaining a Grant of Probate includes establishing if your loved one left a will and ascertaining the executors or the roles of administering the estate. Although at this stage the overall picture of the estate may not yet be clear, relevant information needs to be gathered in order to prepare the inheritance tax account and executor’s oath. It is during this stage that important decisions will have to be made. Price Mann Probate Services prove invaluable when it comes to guidance and advice on obtaining a Grant of Probate.
After Probate is Granted
This is an active stage where the Grant of Probate is registered with asset holders, debts are paid and assets may be collected or sold. It may also involve handling queries from HMRC regarding the value of the estate. If the estate assets are sufficient, the executors will authorise payment of legacies and if possible, a payment on account—interim distribution—is made to each of the beneficiaries. During this stage, one or more of the beneficiaries may consider altering the will, or effecting intestacy rules, by means of a Deed of Variation. After probate is granted, Price Mann Probate Services work in your best interests, reassuringly overseeing every detail on your behalf.
This may be the most protracted stage of administration. Typically, there may be lengthy negotiations with HMRC concerning the valuation of assets in the estate or the calculation of inheritance tax. If the beneficiaries have decided to enter into a Deed of Variation, it will be prepared during this stage. Price Mann Probate Services will handle the entire review stage for you, protecting your loved one’s legacy in the most tax-efficient way and completing all necessary paperwork.
Accounting and Final Distribution
At this stage, the value of all assets and debts have been settled with HMRC. Inheritance tax has been paid and an application for a Clearance Certificate has been made. Accounts can then be drawn up to show the money received and paid by the executors—and the funds due to beneficiaries. Price Mann Probate Services will then issue final payments on your behalf and finalise all matters to complete the administration.
If you would like to arrange an initial consultation with a member of our probate team, please contact us today. We are waiting to help you.