Probate is the process by which a person’s estate is administered after they die. It is usually carried out by a spouse, a son or daughter or a close relative with the help of a solicitor. It’s a very important role because everything must be done according to the law and in accordance with the wishes of the deceased.
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There are several factors to consider such as did the deceased make a will. There are slightly different approaches depending on whether there is a will.
In most cases, probate or letters of administration will be needed unless the estate is worth less than £15,000 or if it’s jointly owned and passing to a spouse. Your solicitor will be able to advise.
As well as ensuring the deceased’s wishes are carried out, probate will also involve calculating how much their estate is worth and whether there is any inheritance tax to pay.
You may face a penalty if your information about the estate’s Inheritance Tax liability is inaccurate. If tax is due on the estate, you will usually have to pay at least some of it before probate is granted.
The 2024 Budget introduces proposed changes to the Inheritance Tax (IHT) treatment of unused pension funds. Starting in April 2027, these funds will be included in the deceased’s estate for IHT calculations. This could significantly impact estate planning strategies, especially for those who have been using pensions to pass wealth tax-free.
The Law Society has warned that the severe backlog in probate applications is having a detrimental effect on those mourning the loss of their loved ones. The warning is part of the Society’s evidence to the Justice Select Committee’s probate inquiry. A Law Society spokesman said: “We are aware of significant delays to the probate
The husband of the late Dame Barbara Windsor, Scott Mitchell, has been named the People’s Champion of the National Mission to Beat Dementia. The appointment comes alongside £6 million in funding to boost clinical trials and innovation to detect and treat the disease early. The ‘Dame Barbara Windsor Dementia Mission’ was launched in August 2022,
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