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Probate

 

Probate and inheritance

Inheriting property can be a problem during a time when you are in no particular frame of mind to deal with it.

There are several different difficulties that can arise;

  • You may not live locally which means you will be unable to market the property in the best possible way.
  • You may even need access to the capital held in the property quickly.
  • And then there is always the worry that the property sits vacant for many months waiting for a sale to be completed by an estate agent.
  • The problem could even be that the property is in a poor condition – but we will buy property in any condition.

We can help you during this emotional time.  We understand that inheriting a property may be a difficult and stressfull thing and dealing with the situations which arise from it may not be what you wish to deal with at the present time. We can help ease the worry of having an unsold Inherited property and we can resolve matters in a considerably short space of time.

We will pay up to £500 of legal fees and we will keep you informed of our processes along the way. If you are interested in learning more about our option please contact us on 0800 0122334 or click here to email your details to us.

What is Probate

Probate is a term which is used when people talk of applying for the right to deal with a deceased person’s affairs. It is in place to ensure that the executors carry out their task correctly. There are different situations which may arise with probate, the two main situations being whether the deceased has left a will or not.
If the deceased has left a will then an executor may be named to deal with their affairs after their death. The executor must apply for what is known as a ‘grant of probate’ from the probate registry. This is a legal document which confirms their authority to deal with the deceased’s assets.
If the deceased has not left a will then a close relative can apply to the probate registry in order to deal with the deceased’s assets. They must apply for a legal document which is known as a ‘grant of letters of administration’ and if the grant is given they become ‘administrators’.

Applying for Probate

You must apply for probate if the deceased has left one or more of the following:

  • £5,000 or more in any bank, building society or savings account
  • Stock or shares
  • Life insurance or term insurance policies
  • Property or land (unless it is a joint tenancy where it shall then pass to the other owner)

You do not need to apply for probate in certain circumstance, these include:

  • when the deceased has left very little
  • everything they owned was in joint names, such as a spouse
  •  if the deceased had less than £5,000 in any bank, building society or savings account.

Probate Solicitors

In the case where a solicitor is used they will take care of the following:

  • Valuing estate
  • Completing Inland Revenue account
  • Dealing with Inheritance Tax issues
  • Obtaining Grant of Probate or Representation
  • Sale of land/property
  • Distributing assets to beneficiaries
  • Dealing with Income and Capital Gains Tax issues
  • Inheritance Probate Terms
  • Administrator

The person who deals with the belongings of the person who died without a will (intestate).

Capital Gains Tax

When you sell or give away an asset and it has increased in value you may be taxable on the profit. You don’t have to pay on:

  • Your car
  • Your main home
  • ISAs or PEPs
  • Personal belongings worth £6,000 or less
  • Betting, lottery or pools winnings.

Estate

All belongings – assets and property of deceased.
EPA
Enduring Power of Attorney is a legal document which gives a person the power to run another person’s financial affairs.
Executor
Person who has been appointed in will to deal with deceased’s estate.
Inheritance Tax
Tax which is paid on your estate. Not everyone pays Inheritance Tax, it only applies if the taxable value is above £300,000.

To find out more, fill in your details for a Free Evaluation at The Property Buyers Uk Contact Form.