- Proposed changes to IHT - Reform of inheritance tax has been recommended by the Office of Tax Simplification (OTS) in its latest report, which was undertaken in response to a request from the Chancellor of the Exchequer in January 2018.
- Price Transparency Era - Toward the end of 2018 The Solicitors Regulation Authority introduced new rules to ensure clients have the best possible information on solicitor’s fees at the outset. Law firms are now required to publish price and service information on their website for the following areas of law; residential conveyancing, probate and employment tribunal claims to name a few. The aim is to provide greater transparency to clients enabling them to make informed decisions about their legal matter.
Probate is the legal term used to describe the process of administering an estate.
If the Deceased had a valid Will, the administration will be carried out by their appointed executors named in the Will. If there is no valid Will, then administrators will be appointed in line with the Statutory Intestacy Rules.
The administration falls into four stages;
- Ascertain and secure all assets belonging to the Deceased;
- Obtain a Grant of Representation;
- Realise the Assets and pay all liabilities;
- Account to the Executors and distribute the Estate to the Beneficiaries.
Administration of an estate involves practical and technical issues, especially where payment of Inheritance Tax is required. Our advice will ensure that administration proceeds efficiently so that distributions to beneficiaries can be made as quickly as possible.
We will explain the procedure and any legal jargon to you, give you clear estimates of how long each stage is likely to take and try to make the process as stress free for you as possible.
There may be times when you might want to challenge the content of a will, or executors’ decisions. Click here to go to our Contentious Probate page.
For more information about our costs and time scales please click here.