How Does Probate Work In Practice?

Probate is the process to establish ownership of an estate before the tax is paid and the assets distributed

. The responsibility to probate lies with the executors of a will who often appint a professional firm, such as County Trust Corporation, to take on the responsibility. Probate is still required where there is no will although the process is known as Administration.

The executors have a number of responsibilities, including:

Interpreting the will and ensuring that the wishes of the deceased as expressed in the will are carried out

Identifying all the assets and liabilities of the estate

Obtaining valuations of the joint and sole assets as at the time of death

Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including business, and properly managed

Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax

Settling all the debts of the estate including all taxes

Completing and filing the relevant court forms

Applying for Probate

Preparing accounts for the beneficiaries and after payment of all claims, distributing the estate

County Trust Corporation can handle all of these responsibilities and can support you with Probate, whether or not we are named in the will as an executor and even where there is no will.

As part of our Probate service, we will:

Take on all the responsibilities of the executors

Assume all the potential liabilities from the executors

Value and collect in all the assets

Apply to the court for Probate

Handle the sale of any properties

Distribute all the assets

Pay the Income & Inheritance Tax

Produce Estate Accounts

You will be allocated an Estate Manager who will see the process through from start to finish, whether dealing with probate in its entirety or being on hand to help you deal with the estate.

by: DevBPO

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