Understanding Probate
Probate is the official process of managing a person’s Estate after they pass away. It involves confirming their assets, settling any debts and distributing what remains to any rightful beneficiaries.
When someone passes away and leaves a Will, Probate helps ensure their final wishes are carried out. If there isn’t a Will in place, the Estate is instead managed and distributed according to the rules of intestacy.
That said, Probate isn’t always required. Whether it’s needed depends largely on the nature and value of the assets left behind. For example, Probate may not be needed if the Deceased held assets jointly that automatically pass to the surviving owner, or if the Estate is small and straightforward.
The process of Probate can differ in complexity. Factors such as the size of the Estate, the presence of a valid Will, and the potential for disputes can all influence the process. Where a Will exists, the named Executor usually applies for a Grant of Probate, giving them the legal authority to manage the Estate. In cases where there is no Will, an Administrator must be appointed to deal with the Estate under what’s known as Letters of Administration.
If you are looking for a probate solicitor in Bolton to assist you during this difficult time, our experienced solicitors at AFG Law are here to help. Our team possess many years of experience and can guide clients through the Probate process, ensuring that your loved one’s Estate is managed efficiently and in accordance with the law.
Who Can Apply for Probate?
Who can apply for Probate depends on whether there is a valid Will. If there is a Will then the named Executor has the legal right to apply and instigate the Probate process. There can be more than one Executor and they can apply jointly.
If there is no valid Will, then a close relative or next of kin can apply to become the Administrator of the Estate. This is done through a process called Letters of Administration. There is an order of priority in who can apply, typically starting with a spouse, followed by children, parents and siblings.
In all cases, the person who applies for Probate must be over the age of 18 and have the mental capacity to act.
What is the Probate Process?
At AFG Law, we guide clients through every stage of the Probate process with clarity and care. Whether your loved one left a Will or not, our experienced team can help you navigate the legal and administrative steps involved in managing their Estate.
Reviewing the Will
The first step is to establish whether the deceased left a valid Will. If there is a Will, it should name one or more Executors responsible for administering the Estate. If there is no Will, a close relative or suitable individual may apply to become the Administrator.
Valuing the Estate
The Estate must be valued to understand what assets and debts are involved. This includes property, bank accounts and savings, investments and pensions, personal belongings and any outstanding debts or liabilities such as mortgages.
Handling Inheritance Tax
If Inheritance Tax is due, it must be reported and paid to HMRC. Our probate solicitors, Bolton help ensure all tax obligations are met and that any available exemptions or reliefs are applied correctly.
Applying for a Grant
To deal with the Estate, the Executor or Administrator must apply for the appropriate legal authority:
- A Grant of Probate if there is a Will
- Letters of Administration if there is no Will
This document gives the legal right to access accounts, sell property, and distribute assets.
Administering the Estate
Once the Grant is issued, the Estate can be formally administered. This includes collecting in assets, paying off any debts and liabilities and settling any legal claims against the Estate.
Distributing to Beneficiaries
The final stage involves distributing the remaining assets to the beneficiaries according to the instructions in the Will or in line with the rules of intestacy if there is no Will.
How Can Our Probate Solicitors in Bolton Assist?
The Probate process can be extremely challenging when you have lost a loved one. Our team of Will and probate solicitors at AFG Law offer comprehensive support throughout the Probate process, making sure all legal and administrative duties are handled properly and efficiently.
If you would like to speak to one of our Probate solicitors in Bolton regarding the Probate process or any of our legal services, please do not hesitate to get in touch with us today. We can be contacted at PrivateClientDept@afglaw.co.uk or phone us on 01204 377600
For more information on our Probate services, please visit our Probate home page here.
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