When it comes to probate, the more frequently used term of the two, there is a lot of confusion about what it means and what is included in the probate process. On the other hand, estate administration is the term that more accurately describes the entire process of dealing with a Deceased person’s estate.
What is probate?
Probate, referring to the ‘Grant of Probate’ in England and Wales, or ‘Confirmation’ in Scotland, is required by law when the Deceased owns property (including any houses, buildings, or land) or if a financial institution (such as a bank) requires a ‘Grant of Probate’ to release funds. It is important to remember that financial institutions and organisations set their own probate thresholds, therefore, obtaining a ‘Grant of Probate’ may not be necessary to access funds.
However, probate is not required if assets were held jointly, which will pass to a surviving spouse or partner, or if the estate is less than £5,000 in value.
If probate is required, the ‘Grant of Probate’ must be obtained before an Executor (if there is a Will) or an Administrator (if there is no Will) can start to gather in the assets associated with an estate.
What is estate administration?
Estate administration is the process of dealing with a person’s legal, financial, and personal tax affairs after they have died. It involves far more than obtaining a ‘Grant of Probate’, which can be considered as one element of the wider process. Estate administration can be extremely complex and is required after every death, whether or not there is a Will. In order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
Obtaining a ‘Grant of Probate’
Closing bank accounts and paying any debts
Ensuring the family tree information is correct.
Dealing with shares and investments
Selling property and assets
Dealing with Inheritance Tax forms
Completing Income Tax work
Dealing with specialist legal work
Producing accurate estate accounts
These are just some of the tasks that are involved, however, every estate is different. While some people decide to administer a loved one’s estate themselves, this can take a significant amount of time and effort; and it leaves them personally liable for any mistakes made during the process. On the other hand, those who do not want the financial and legal responsibility may choose to instruct a professional to help them complete the entire process.
The solution? Whether the estate is simple or complex, the issues faced with the death of a loved one are rarely straightforward. That’s why Crescent Estate Planning has partnered with Kings Court Trust, our preferred provider of probate and estate administration services. Most of us are not used to dealing with the complex requirements of estate administration, especially at a time when financial matters are the last thing on our minds. Kings Court Trust is the leading specialist estate administration provider in the UK and, like us, they place their clients at the very heart of everything they do. Estate administration is their sole expertise, and they can advise on any situation. Whether you only want support with the probate application process or you would like to hand the entire process over to the professionals at Kings Court Trust, they have a variety of solutions available to support you in your time of need. There are numerous benefits of instructing the award-winning providers to complete this complex process for you, including: 1. Clear and transparent pricing. They work on a fixed fee basis, unlike many other estate administration providers. 2. Paying your inheritance quickly. Wherever possible, Kings Court Trust will make interim payments to all the beneficiaries, so you don’t have to wait until the end of the process. 3. Removing the legal burden off your shoulders. In full estate administration cases, Kings Court Trust will take on full responsibility and liability so that you don’t have to worry. It is worth noting that not all estate administration providers will offer this benefit. 4. Receiving a personal service. You’ll be assigned a dedicated Personal Estate Manager who will be on hand to keep you updated throughout the entire process and answer any of your questions. What have clients said about Kings Court Trust? “Exceptional service from friendly, knowledgeable, and professional staff. We have had a number of questions at a difficult time, and we have always been dealt with patiently with all queries being answered fully and clearly.” – Trustpilot review. Interested to find out more? Get in touch with Crescent Estate Planning today by emailing us at firstname.lastname@example.org or calling us on 01773 863956 for more information.
How can Crescent Estate Planning help?
Taking Care of the Estate
We will ensure everything is handled as you would wish
When a person passes on, it becomes necessary to administer their estate, ensuring that the individuals and organisations named in their will receive the bequest that was left for them. This is, of course, a deeply difficult time for the family and loved ones of the deceased, and sympathetic and practical assistance can go a long way. At Crescent Estate Planning we aim to offer just that, providing probate services tailored to the needs of the individual estate. Please contact us today to discuss your requirements.
Full Estate Administration Services
If you prefer that we handle the administration of the estate in its entirety, we are more than willing to undertake this work for you. We will handle things with the sympathetic and accurate approach for which we are known, ensuring that all instructions within the will are carried out properly and in full. Call today to learn more about this service.
Probate Services Built Around You
Some clients simply wish us to handle the application for Grant of Probate, ensuring that the executors of the estate can proceed with administering the estate and following the instructions within the deceased’s will. We are happy to take care of this, completing the application quickly and efficiently, and with no hassle for the executors.
Handling Inheritance Tax for you
It is essential that inheritance tax is handled properly to avoid unpleasant dealings with HMRC further down the line. We will calculate the value of the estate, ensure that all appropriate deductions are made to avoid more tax being paid than is due, and ensure that all monies owed in tax are paid promptly. Talk to us about your needs and let us help you.
Get Probate Advice
Our expert team are here to help
Probate issues can be challenging if you are not used to dealing with such things. At Crescent Estate Planning, we aim to take away all the stress and frustration that can accompany dealing with probate and the administration of a loved one’s estate. Please call today for expert advice and practical assistance.