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Probate is the name given to the process of dealing with the assets of a person who has died. Probate has to be applied for before any of their assets can be distributed. It is usually applied for by the person named in the Will as the executor.
There are five important aspects in the probate process:● A value must be obtained for the estate of the deceased● If applicable, any inheritance tax must be paid● The deceased’s assets will need to be liquidated with any liabilities being settled● Accounts for the estate must be prepared detailing all payments in and out of the estate. This will then show the balance of that will be distributed among the beneficiaries.● Distributing the assets and the balance of the estate funds to the beneficiaries.
When a loved one dies, it is not just anyone who can apply for probate. Who can apply for probate will depend on whether or not there is a Will.
A Will should name someone as an executor and it is the executor who can apply for probate. There may be multiple people named as an executor. In this situation each person who is named as an executor must agree who is making the application for probate.
If there is no Will then it is the administrator who handles the estate. To apply to be an administrator you must be the spouse or civil partner of the deceased or the child of the deceased. You will not be able to deal with the estate until you have received ‘letters of administration’ which will show that you have the right to deal with the estate.
When you deal with us, you know you are dealing with solicitors you can trust. We have vast experience in dealing with divorce cases, as well as other areas of family law, including:
There are several aspects of your life and assets that you should consider when preparing a Will. Most Wills ensure that the following important areas are covered:● If there are children under 18, who will look after them● Who will benefit from the Will● Name the executor or executors of your estate● What will happen should the beneficiaries die before you
When preparing a Will it is important that it is legally valid. This is important because it can prevent further difficulties in the event of your death and ensures that your wishes are carried out. The following must be followed in order to ensure that your will is legally valid:● In preparing a Will you must be aged 18 or over● In preparing a Will you are doing so by your own choice with nobody pressuring you
You must be able to understand the Will, why you are preparing it and what the effects of the Will are ● The Will must be in writing● The Will must be witnessed by two witnesses over the age of 18. The witnesses and their spouses cannot be beneficiaries of the Will● Both of the witnesses must sign the Will in your presence
By consulting with our team of experts we can help you prepare a legally binding Will that will ensure that your loved ones are looked after properly.
Yes, but it is important it is done in the proper manner to ensure that the change or changes will take effect. To make a change to a Will then a ‘codicil’ must be added detailing the change that you wish to make. In order for the change to be legally valid it must follow the same witnessing procedures as when preparing a Will must be followed.
If you are looking to protect your family assets then setting up a trust could be the best option for you. If any of the following situations apply to you then you should contact Family Law Birmingham who have the extensive experience required to assist you and your family with your trust needs:● You want to pass on assets while you are still alive (a trust can also be set up to pass on assets when you die)● To assist someone who cannot manage their own assets and affairs properly● To assist someone who is too young to manage their own assets and affairs properly● To assist someone who is otherwise incapable of managing their own assets and affairs properly
Whatever Trust is set up the trustees will deal with manage it in accordance with your wishes, ensuring that any tax due is paid.