What is Probate and How Should You Handle it
The death of a loved one is unquestionably one of the most traumatic events that we all have to contend with.
At a time of grief, the administration of an estate is something that many find very difficult to endure.
It’s understandable, as probate, which is the administration process of the estate following the owner’s death, is often both time-intensive and complex. Finding yourself in a position of responsibility for the family can be daunting, and it can be draining on top of dealing with one’s own grief.
Many people ask us at Pindoria Solicitors – what exactly is probate? So, we thought we would help by explaining the details here on our blog. It is worth saying at the outset what the role of the executor is.
This is the person nominated in the will to deal with, manage and distribute the assets of the deceased. There are other responsibilities, but these are dominant. If there is no will or if an executor is not nominated, then a beneficiary can take up this role and they will be called an administrator.
Depending on which one of these you are, you have to start to think about how you will handle the process.
Like many law firms,we provide a flexible service whereby you can ask us to deal with the entire administration of the estate or simple assist you will elements of your responsibilities such as completing tax returns or making the application for the grant of representation.
Full administration covers all the process, so you can rest assure that the work will be done efficiently and correctly without you having to stress about the details. It is costlier than if you wish to do much of the running around yourself, it will generally be done quicker, as it’s something solicitors do every day for their clients.
Law firms taking on this task, apply for the grant, gather in the estate and then distribute it to the beneficiaries. Of course, no two estates are the same, but we advise that time wise, the process will take around 9 to 12 months.
Of course, some people take on the paperwork of the administration themselves. In cases like this, the client will give valuations of the estate, and then our estate experts will process the inheritance tax returns and apply for the grant of probate.
We hope this brief summary has helped give a little bit of digestible information to those dealing with such matters.
We believe the peace of mind of leaving this time-consuming and emotionally draining work to a third-party, who knows how to tie up everything is a small price to pay when it comes to most estates.
If you wish to find out more about wills,probate,and estates please contact our Mrs Sangeeta Rabadia firstname.lastname@example.org or give her a call on 020 8951 6959.
We are always happy to help.