making a complex process simple
Unless everything is handled properly, any property or possessions held in the sole name of the deceased cannot be released to you or others. The government also requires tax forms to be completed and those dealing with the affairs are liable for any errors.
Probate is the management of all activities relating to the valuation, collection and distribution of the Estate of the deceased. This covers all necessary tax, legal and administrative activities.
so what does the law say about Probate?
With or without a Will Probate is usually required if the value of the estate is over £5,000:
If there's a Will, individuals are named as Executors and are made responsible for administering the property and possessions (known as the Estate) of the deceased in line with their wishes and the law
When there is no Will, the laws of intestacy apply and the statutory next of kin is required to administer the Estate
Either way, the Executors and administrators are responsible for everything they do, or fail to do, in relation to the Estate. This responsibility lasts for the duration of the Administration of the Estate and any ongoing Trust created.
what ASTUS Trust and Estate Planning will do for you
We will:
Manage all the legal complexity on your behalf
Check with all necessary organisations and conduct any relevant searches to establish and confirm exactly the value of the Estate
Work out any tax that’s due including Inheritance Tax, Income Tax and Capital Gains Tax, fill in all forms, deal with the tax offices and arrange payment of what is necessary
Deal with all the processes and liaise with the relevant legal establishments so you don’t have to in order to gain the Grant of Probate
Write the necessary advertisements and put them in the relevant newspapers as required by law
Collect all the assets due and keep them in one single account
Pay any debts and liabilities with regards to the Estate, prepare the required statement of accounts on your behalf and provide copies to all those who are due to benefit
Transfer all money, assets and gifts to those who are entitled to receive it
Transfer all joint names to sole, as appropriate
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