Probate is the process by which the assets of someone who has passed away are called in (collected) and distributed to those who are the beneficiaries. Ensuring that is done properly, with options to mitigate any tax liability and undertaken sensitively is something that needs expert knowledge and a good bedside manner.
Applying for probate, through the Will
...is the process of calling in all the assets, paying all the liabilities (including any Inheritance or other tax) and then distributing the remainder to those entitled.
Executors
The executors are appointed in your Will and need to act swiftly and properly to call in all the assets and hand over the correct assets to the correct beneficiaries.
The people most commonly appointed as executors are:
1. Relatives
2. Close trustworthy friends
3. Solicitors
Executors are responsible for carrying out your wishes and for sorting out the estate. They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes, funeral and administration costs out of money in the estate. They will need to pay out the gifts and transfer any property to beneficiaries.
Penn Chambers Probate Solicitors
Penn Chambers Solicitors, Wills, Trusts and Probate team, undertakes probate work and can be appointed as your executor to act on behalf of you. As with any Solicitor, Penn Chambers Solicitors would charge you for the administration of your estate, that way you can be assured that the Will is administered correctly and in accordance with the law and the terms of a Will itself.
Penn Chambers and the Wills, Trusts and Probate team appointed as your executors will leave your loved ones to come to terms with their loss or alternatively act side by side with family executors to ensure that your estate or the estate of a loved one is correctly and properly administered leaving you happy in the knowledge that your loved ones are cared for.
Guiding you through what can be a difficult and emotional time.
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.
Wills, Trusts & Probate team
0207 183 2898
