your guide to probate · determine whether you need to go through probate at all. you may not need...
TRANSCRIPT
Your Guide to Probate
determine whether you need to go through probate at all. You may not need to if the estate is under £15,000 or all the assets are held jointly or in trust.
1) Full D.I.Y - You can do it all without professional assistance. Remember if you go down the D.I.Y route, you may be personally liable for any mistakes or if things go wrong.
Do some of the work yourself and enlist a professional for some of the trickier legal issues.
You can appoint a professional knowledgeable in Probate Law to
weight from their shoulders.
YOUR CHOICES -
Two thirds of people appoint a professional and common reasons include:
Personal Reasons:
Concern about making a mistake and being personally liable
The estate is intestate (no will) and usually more complex
The terms of the will are unclear
The deceased inherited within two years
The deceased owned a business
The deceased owned property abroad
Winding up an estate
stages in winding up the estate. Not all of it may be relevant in every case.
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ProbateEstate of
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Probate
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fo etatsE
Dependants) Act 1975. A claim might be made perhaps by a family member who feels he or she has
professional help.
Estate Accounts
Assets at the date of death
Tax
to death
being disregarded.
As you may appreciate, the executors are obliged to account to the appropriate Inspectors of Taxes for income received and capital gains made during the period of
given tax year, incurring an avoidable higher rate tax liability. The risk of this occurring
higher rate income tax threshold.
completes annual tax returns or claims, he may either send the form to his Inspector
of a person who has died leaving no Will or the
The transfer of an asset instead of its sale proceeds
The court order authorising a person to deal with
pictures, prints, instruments and apparatus,
Some Legal Terms Explained