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Probate
Probate is the legal process of administering a deceased person's estate, which includes distributing their assets, paying off their debts, and settling any tax liabilities. It is important to understand the probate process, as it can be complex and time-consuming.
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The Probate Process
The probate process starts with an application for a grant of probate, which is a legal document that confirms the executor's authority to act on behalf of the deceased. The executor is the person named in the will who is responsible for carrying out the terms of the will.
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Valuing the Estate
The next step is to value the estate, which includes all the deceased person's assets, such as property, bank accounts, investments, and personal possessions. The estate must also be valued for tax purposes.
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Paying Debt and Taxes
Once the estate has been valued, any outstanding debts and taxes must be paid. This includes any outstanding bills, funeral expenses, and any income tax and inheritance tax liabilities.
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Distributing the Estate
Once all debts and taxes have been paid, the remaining assets can be distributed to the beneficiaries named in the will. If there is no will, the estate will be distributed according to the laws of intestacy.
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Challenging the Will
​In summary, probate is the legal process of administering a deceased person's estate. The process involves applying for a grant of probate, valuing the estate, paying off any debts and taxes, and distributing the assets to the beneficiaries named in the will. The validity of the will may be challenged, which could delay the probate process. It is important to seek legal advice if you are unsure about the probate process or if you are dealing with a complex estate. Contact us today to speak to our probate solicitor.
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Wills
A will is a legal document that outlines how a person's assets will be distributed after their death. It is important to have a will in place to ensure that your wishes are carried out and to prevent any disputes among family members.
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Creating a Will
To create a will, a person must be over the age of 18 and of sound mind. The first step is to decide who will be the executor of the will - this is the person responsible for carrying out the terms of the will. The next step is to determine what assets are to be distributed and to whom. It is important to specify any personal belongings, as well as any property, bank accounts, and investments.
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Signing and Witnessing
Once the will is complete, it must be signed in the presence of two witnesses who are not beneficiaries of the will. The witnesses must be over the age of 18 and of sound mind.
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Updating a Will
A will should be updated regularly to reflect any changes in personal circumstances or assets. It is important to review a will every few years to ensure that it still accurately reflects the person's wishes.
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Challenging a Will
In summary, a will is a legal document that outlines how a person's assets will be distributed after their death. It is important to have a will in place to ensure that your wishes are carried out and to prevent any disputes among family members. Creating a will involves deciding who will be the executor of the will, determining what assets are to be distributed and to whom, and signing the will in the presence of witnesses. A will should be updated regularly, and if there is a dispute over the contents of a will, it may be challenged in court. Contact us today for a free 15-minutes consultation.