There is usually paperwork at the deceased’s home which may indicate any ongoing financial interests. However, many people lose track of investments during their lifetime and we advise that an Asset Search is carried out. This searches a large database of asset registers to compile a report of anything owned in the deceased’s name. The cost is in the region of £150.
The next stage is to complete inheritance tax reporting forms to submit to HMRC. The extent of this reporting depends on whether the estate will be a taxable estate or not.
The purpose of reporting to HMRC at this stage is to confirm that the existence of the estate has been notified prior to Probate being granted. If the values reported turn out to be incorrect (for example, if a Deed of Variation is entered into or further assets are found) then the forms will require amendment.
HMRC will issue a summary tax overview, confirming the value reported. This must be attached to the application for Probate.
The Statement is usually drafted by a solicitor. This is a statement by the person named as Executor confirming that they are accepting responsibility to deal with the estate, that the Will is the final Will of the deceased and that they commit to act appropriately in calling in, settling and distributing the assets.
It is possible to instead attend a Probate Registry directly.
Typically it takes 6 – 8 weeks for Probate to be granted, once properly submitted. At that point, the named Executor becomes legally entitled to deal with the estate.
If you would like to speak to a member of our Hucknall or Bulwell Probate team today please contact us for supportive, expert advice.
Removing a deceased from the Title Deeds
Who is liable to actually pay Inheritance Tax if it is due?
Are trusts subject to Probate?
Who bears the inheritance tax on a gift with reservation of benefit?
Executors: what to do if you are named in a Will
Powers of Attorney: Can I sell a jointly owned property?
What happens if an Executor doesn't want to act on my Will?
When do you need a Grant of Representation?
Probate - Jamie was amazing and really helped us through the process following mums death.
Mrs D Reynolds
Sheltons Solicitors is a trading name of Edward Hands & Lewis Limited, a company registered in England & Wales with company number 07001422 having its registered office at City Gate House, 11 St Margaret’s Street, Leicester, LE1 3EA. The directors are Jason Hathaway, Leanne Hathaway, Andrew Robinson, Paul Stubbs and Emma Fuller. We use the word “Partner” to refer to the most senior individuals at Edward Hands & Lewis Limited and its use in connection with the business of Edward Hands & Lewis Limited should not be construed as an indication that any individual carries on business in Partnership with any other individual within the meaning of the Partnership Act 1980, or that they are personally liable to you or any other party for any acts or omissions. Individuals named as Partners owe no personal obligations to you in either contract or tort, nor does the title “Partner” mean that they have any authority to bind the firm. We are authorised and regulated by the Solicitors Regulation Authority and our registered practice number is 533589. Our VAT No. is 114080418.