Posted on: 24-03-2016 in Retirement Planning
Probate is the process that proves the will of the deceased is valid by administering the estate. Estate is everything owned by the person who has passed away. Once the probate is granted, all beneficiaries in the will are entitled to their shares and possessions from the deceased’s will.
The estate could be made up of one or all of the following:
1. Check if there is a will: A) If there is a will, an executor can apply to get a grant of representation to probate. B) If there is no will, an administrator will be appointed to apply for a grant of representation, known as Letters of Administration.
2. Pay Inheritance Tax. The executor or the administrator will work out the total value of the estate. Thereafter, depending on the value, pay Inheritance Tax on or before 6 months from the date the person passed away.
3. Pay off unpaid dues or debts. If the deceased owes money to people, in terms of – credit card, mortgage, rent, fuel, utility bills, bank overdrafts etc. – this will be taken out from the value of the estate. This also includes expenses and fees including solicitor’s fees and probate fees.
4. Sharing out the estate by the distribution of assets, finances and possessions as set out in the will to entitled beneficiaries.
Why let your loved ones experience a trail of stress and costs? Let there be no family feuds, financial struggles and a burden on everyone’s shoulders. Offer peace of mind to them by ensuring all affairs are well taken care of.
Holborn Assets specializes in wills and trusts. Our expertise spans across the UAE and the UK with experience in will-writing services over a decade. Let us offer you step-by-step guidance through the entire process of drawing up your will.