Probate

Probate is the legal right to deal with someone’s property, money and possessions (their ‘estate’) after they have passed away.

As licensed practitioners for probate related work and specialists in all aspects of taxation, accounts preparation and estate planning, Ripe Probate Ltd are well placed to take care of your probate and estate administration work.

We understand how difficult it can be to handle someone’s legal and financial affairs, particularly at a time when you’re likely to be coming to terms with the death of someone close. But we’re here to help, providing as much or as little support as you need to get things done.

Benefits

Pratima Glazer is licensed to carry out non-contentious probate work. Combined with our expertise in all areas of accounts, tax and estate administration means you can have total confidence in us handling the whole process for you from start to finish.

If the deceased was a client of ours, we are likely to have all the necessary financial information and background details to make the probate process as smooth as possible. If not, we can still deal with the probate application should their existing accountant not be licensed to do this work

Quality assurance

We are licenced by Institute of Chartered Accountants in England and Wales (ICAEW) and as a member of the UK200 network of accountant and lawyers have an annual audit of all our services by a qualified 3rd party.

What we can do?

Whether you chose to carry out the probate and estate administration process yourself (further information can be found on https://www.gov.uk/probate-estate), or you instruct us to do the work for you, the probate process is still the same and involves:

• Finding the will
• Filing returns to HMRC, such as filing income tax returns up to date of death, estate income tax return and IHT returns if applicable.
• Applying for the grant of representation ie making the application for probate
• Administering the estate
• Preparing the estate accounts (if required)
• Distributing the assets to the beneficiaries of the estate

We’re here to help, providing as much or as little support as you need to get things done.

How much does it cost?

Whilst solicitors and banks can also carry out probate work, they tend to charge a fixed percentage based on the value of the estate, which could be as high as 4% even for simple estates. We feel that we are very competitively priced compared with other probate specialists and we’re happy to give you a quote based on the volume and complexity of the work which needs to be carried out. We are confident that our approach to gathering the relevant information, calculating what tax is due and administering the estate is quicker and more succinct and more efficient, therefore keeping costs to a minimum.

FAQs

What is probate?

Probate is the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die.

The executor should not make any financial plans or put property on the market until you’ve got probate.

Do I need to obtain probate?

You usually need probate to deal with an estate if it includes property such as a flat or a house.

Otherwise, you may not need probate if:

• the estate is just made up of cash (that is, bank notes and coins) and personal possessions such as a car, furniture, and jewellery
• all the property in the estate is owned as beneficial joint tenants This property automatically becomes wholly owned by the other owner
• the deceased had a joint bank account
• the amount of money is small
• the executor discovers that the estate is insolvent, that is, there is not enough money in the estate to pay all the debts, taxes and expenses
• there are certain life insurance policies and pension benefits in the estate, for example, if they are written in trust.
• In the case of some small estates, probate may not be necessary, depending on the amount of assets held.

Who can apply for probate?

Only certain people can apply for probate and can depend on whether or not there’s a will.

If there’s a will, executors named in it can apply.
If there’s not a will, the closest living relative can apply.

The executor can appoint a solicitor or accountant to obtain probate.

What about deadlines?

• The deadline for filing the Inheritance Tax (IHT) form(s) with HMRC is within 12 months of the date of death.
• Somewhat strangely, the deadline for paying any IHT to HMRC is by the end of the sixth month after the person’s death.
• There is no deadline for applying to the court for probate, however much of the estate administration will not be possible until this is received, so it is generally one of the first things that is done.

Email Pratima Glazer at: probate@ripefinancial.com

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