Understanding the role of a probate solicitor

After a death, the deceased’s personal representatives (executors or administrators) are responsible for winding up their affairs.  This is a complex task and generally time-consuming.  A probate solicitor can be enlisted to take on the estate administration and deal with matters on behalf of the personal representatives.  

If you are considering using a probate solicitor, you need to understand their role and the work that they will carry out. There are several advantages to using a probate professional to deal with the winding up of an estate.  You should know that personal representatives can be held personally liable for errors if they deal with the administration themselves and mistakes are made.

What does a probate solicitor do?

Dealing with someone’s affairs after their death can be overwhelming, especially if they held a variety of assets or their estate was complex. A probate solicitor can deal with all aspects of an estate administration, meaning that the executors or administrators will only have to sign a minimal amount of documentation.

The main steps that a probate solicitor will take are as follows:

Valuing the estate

You must value the deceased’s estate as accurately as possible. The net estate’s value determines if you need to pay Inheritance Tax. You can obtain valuations by asking account holders for figures. Find out the amount of any debts like a mortgage, loan, or credit card balances. Then, get valuations for items like property, cars, jewelry, and furniture.

Calculating and paying Inheritance Tax

You will normally need to fill in a large number of forms for HM Revenue & Customs (HMRC). A form exists for each type of asset and liability, as well as summary forms. If you need to pay Inheritance Tax, the probate solicitor will calculate the amount. If the deceased held enough money in a bank or National Savings account to cover the tax, you can fill in a form asking the bank to pay the tax directly to HMRC.

Applying for a Grant of Probate or a Grant of Letters of Administration

After the Inheritance Tax has been paid, the solicitor applies to the Probate Registry for a Grant of Probate or, if the deceased did not leave a Will, a Grant of Letters of Administration.

This is the legal document that gives the executor or, if there is no Will, the administrator, or their representative the legal authority they need to deal with the deceased’s estate.

Placing statutory advertisements

It may be advisable to put statutory advertisements in the legal paper known as the Gazette.  Also, in local newspapers asking for unknown creditors or unknown beneficiaries to make themselves known. A probate solicitor will assess whether there is a risk of unknown creditors or unknown beneficiaries existing.  They will make sure any necessary advertisements are placed and the correct time allowed for the individuals to come forward.

Collecting in assets and clearing liabilities

Once the Grant of Probate or Grant of Letters of Administration is issued, the probate solicitor sends copies to asset holders such as banks and life insurance companies. Holdings are then liquidated and funds sent to the solicitor, who then arranges to clear all debts and liabilities. Property is also cleared and sold at this stage unless the Will states that it is to be passed on to a beneficiary.

Preparing estate accounts

The probate solicitor prepares the estate accounts.  These clearly state all of the assets and liabilities and include estate income and expenditure over the administration period. Copies of the finalised accounts are provided to the residuary beneficiaries.

Distributing the estate

Finally, the estate is distributed in accordance with the Will or, if the deceased did not leave a valid Will, under the Rules of Intestacy. This could be the transfer of assets such as property or valuable items, or payment of cash gifts. The solicitor will arrange for all beneficiaries to sign receipts acknowledging that they have received their bequests.

Contact Us

If you would like assistance with Probate we can put you in touch with qualified professionals or if you are looking to make a Will or any associated estate planning, call us FREE on 0800 781 6658 or email us at enquiries@estplan.co.uk