When dealing with the death of a loved one, there are likely to be more things on your mind than dealing with their estate. The complicated matter of clarifying a will, organising assets and generally ensuring their possessions and finances are in order certainly won’t be something to take lightly. Enlisting the help of a professional law firm will give you the clarity you need, while Richards & Lewis are here for you every step of the way. Let us take you through all you need to know regarding will and probate law in 2023, answering some common questions.
What Actually Is Probate?
The legal procedure of organising an individual’s estate is known as probate, and this process is important regardless of age and context. Gaining authority over assets, paying inheritance tax and distributing finances in accordance with the Will are just a few of the processes involved. If there is a will involved, the individual in charge of probate is known as the executor. While if there is no will to speak of, the person in control is known as the administrator.
Does It Actually Require A Solicitor?
You can petition for probate without a solicitor, although it is a good idea to acquire legal counsel if you can’t comprehend the will. You must estimate the worth of the decedent’s estate, which includes all of their possessions, as part of the probate application procedure, while you must also determine the amount of owed inheritance tax if deciding not to use a solicitor. When someone leaves behind assets that are in trusts, are located abroad, or were part of a corporation, for example, this might get tricky.
How Long Will Probate Take?
Probate typically takes 6 to 9 months to complete, but depending on the circumstances, it may take much longer. The complexity of the estate, if any property needs to be sold, and any other particular concerns that need to be resolved all have an impact on how long probate takes. Although there is no deadline for finishing the probate procedure, there is one important deadline to keep in mind: any inheritance tax that is owed on the estate must be paid within 6 months of the date of death.
How Does Probate Work If The Deceased Didn’t Leave A Will?
To take charge of an individual’s estate and conduct probate, you must submit an application as early as possible. When a person passes away without leaving a will, the process of probating their estate is similar to that of probating a will, with the exception that the law determines who can inherit rather than the desires of the decedent who did not leave a will. In general, the law gives preference to a deceased person’s surviving spouses and civil partners, followed by children, grandchildren, and other descendants.
Searching for ‘law firms near me’? At Richards & Lewis, you get a single point of contact who is an expert in their field with upwards of 30 years of experience. Contact us today and benefit from specialist advice provided by locally trusted wills and probate solicitors.
