Probate

Probate is the legal and financial process that deals with the money, property and possessions that clients or their families leave behind. If there are assets worth over £5000 or more, the estate will need to apply for probate to be granted and this process exists to ensure that assets pass to the right people and that the right amount of tax is paid.

Applying for probate can feel like an overwhelming process with extensive enquiries into assets, debts, pensions etc being required and this can be time consuming and complex. Beneficial Trust and Will Co can help executors to navigate this process as we have a dedicated and experienced probate case manager on hand to ensure a personal service is provided every step of the way.

Where executors would rather delegate their responsibilities in their entirety, we partner with a specialist authorized and regulated law partner able to provide professional executorship services.

Whether or not probate is required is usually determined by the value of assets held in the deceased persons sole name being in excess of £5000. In this case a grant of probate is needed in order to sell or transfer property and release funds to the beneficiaries of the estate. However, if assets were held jointly, it’s likely they will pass to the surviving joint owner.

How long does probate take?

This is a really difficult question to answer but we appreciate the importance of setting expectations with families. A grant application will usually take approx. 16 weeks to be processed by HM Courts and Tribunal Services (HMCTS). However, this time can be increased if there are errors on the application (a ‘stopped’ grant) or delays at HMCTS.

When does inheritance tax need to be paid?

The court will not issue  a grant of probate until HMCTS is able to confirm that any inheritance tax has been paid where necessary. There will be no interest on the IHT bill until 6 months after death so whilst there is no deadline for when probate should be applied for, executors should be relatively prompt to ensure any IHT is dealt with sooner rather than later to avoid additional costs to the estate.

As with our other service offerings, we believe in providing solutions to meet individuals needs and can therefore assist with;

• Probate Assistance - grant only support service
• Probate Assistance - grant and assets support service
• Probate Assistance - grant, trust enactments and property services.
• Full Estate Administration

By including probate assistance as part of your service offering, you are the best person to offer your clients and their families support and care during a distressing time. We work closely with advisers and associates to develop mutually beneficial relationships with a common goal of providing support for your clients.

You can introduce clients to us and we can provide a comprehensive estate planning client experience. Alternatively, take a look at our options of working as an associate with us and grow your service offering.