Probate Services Colchester Posted by Probate Bureau , 16/08/2018

Probate Expert Services Colchester Detailed by The Probate Bureau.

What is probate?

Probate is the legal process of dealing with the estate of someone who has passed away and distributing their assets. The granting of probate is the initial step in this legal process.

What is a will?

A will is a legal document that sets forth an individual’s wishes regarding the distribution of their property and the care of any minor children after they die. One or more executor has to be designated in the will, and they are accountable for managing the estate to its conclusion.

What happens when I don’t have a will?

If you don’t have a will when you pass away, the probate process will still happen, but your money, property and possessions will be shared out according to the law instead of your wishes and you will have died “intestate”. If you have children which are minors, the probate court will have to designate a conservator for them, in addition to a guardian. This is why a legally prepared will is critical to be sure your children are looked after and cared for by the person whom you would like to be their guardian.

Can I do probate by myself?

You can do probate by yourself, but it takes a lot of time and effort. There is a lot of paperwork and responsibilities. Generally, it requires somewhere between 6 to 9 months to try and do and can require eighty working hours. Also, it is important to bear in mind that other issues could mean the procedure will take considerably longer. These additional complications could be, the will being contested, or the deceased not keeping a very clear document of all their belongings.

What is the probate process?

The probate process consists of:

• Valuing the estate
• Collating the deceased bank accounts and insurance policies
• Completing the Probate Application Form (PA1)
• Even if the estate doesn’t own inheritance tax (IHT) an IHT205 Form needs to be completed for the HMRC
• Submitting the forms
• Attending a probate meeting to vow ‘on’ oath what you have presented is exact.
• Paying the taxes due

What are probate fees?

Probate fees are the charges for the services of both the solicitor and executor, which are taken from the deceased’s estate. In the event the executor is a family member who will inherit from the estate then it’s common for them to waive their fees.

How much is inheritance tax in the United Kingdom?

Your estate will owe tax at 40% on anything over £325,000 inheritance tax threshold when you die, or 36% should you leave a minimum of 10% to a charity. The standard Inheritance Tax rate is 40%. It’s only charged for your estate that is over the threshold of £325,000. As an example, if your estate is worth £500,000 your tax-free threshold is £325,000. The Inheritance Tax is going to be costed at 40% of £175,000 (£500,000 minus £325,000).

About the Probate Bureau Services in Colchester.

The Probate Bureau was established in 1999 by David and Eve West after people were suffering from issues with a few of the traditional providers of probate estate administration services. We work together with our sister company TPB Financial Services, to offer custom legal and financial services, saving families money and administering estates in sometimes half the time and half the cost of most other providers.

The Probate Bureau ethos.

Here at the Probate Bureau, our overall aim is to save families time, money and stress. We are able to shoulder the whole burden of winding up an estate from paying the funeral director to getting final Inland Revenue clearance. We provide the best service at a fair and reasonable fixed fee and we are able to administer most of our estates within 6 months by our highly efficient and qualified team led by our in-house lawyer.

Over the years we have found that people really do appreciate a free, non-obligatory meeting in their own home where all their concerns and questions can be answered fully. We don’t have any paid consultants, nor do we pay out or receive any commissions from anyone. We are the longest running specialist estate administration firm in the UK, recommended by over 1000 independent funeral directors, so we have earned a high degree of trust allowing us to secure professional discounts - ones which will allow more money to be retained within a family.

We deal with clients from Hertfordshire, Essex, London and beyond. One of our strengths is that we are not a firm of solicitors, therefore we do not need to charge an hourly rate for each telephone call, email or letter. This means that our clients can call whenever they have a question or problem without having to worry about escalating fees.

So, if you are in need of specialist help or simply want to find out how to administer an estate yourself, The Probate Bureau will be able to help. We can tell you all you need to know about properly administering a loved one’s estate.

Call us on 0808 256 2366 to check what you should do, and more importantly, what you shouldn’t do before you do anything else. The Probate Bureau - Professional, reliable probate service in Hertfordshire.