Understanding the role of a probate solicitor 

After a death, the deceased’s personal representatives, either executors or administrators, are responsible for winding up their affairs. This is a complex task and generally time-consuming. A probate solicitor can take on the estate administration and deal with matters on behalf of the personal representatives. 

If you are considering using a probate solicitor, you will want to understand their role and the work that they will carry out. There are several advantages to using a professional to deal with the winding up of an estate, including the fact that personal representatives can be held personally liable for errors if they deal with the administration themselves and mistakes are made.

What does a probate solicitor do?

Dealing with someone’s affairs after their death can be overwhelming, especially if they held a variety of assets or their estate was complex. A probate solicitor can deal with all aspects of an estate administration, meaning that the executors or administrators will only have to sign a minimal amount of documentation.

The main steps that a probate solicitor will take are as follows:

Valuing the estate

The deceased’s estate needs to be valued as accurately as possible. The amount of the net estate will determine whether any Inheritance Tax is payable.

Valuations will be obtained by asking account holders for figures, finding out the amount of any debts such as a mortgage, loan or credit card balances and obtaining valuations of items such as property, cars, jewellery and furniture.

Calculating and paying Inheritance Tax

A large number of forms will usually need to be filled in for HM Revenue & Customs (HMRC). There is a form for each type of asset and liability as well as summary forms.

If Inheritance Tax is payable, the probate solicitor will calculate the amount. If the deceased held sufficient money in a bank account or National Savings account to pay the tax, there is a form that can be filled in asking the bank to pay the tax direct to HMRC.

Applying for a Grant of Probate or a Grant of Letters of Administration

After the Inheritance Tax has been paid, the solicitor will apply to the Probate Registry for a Grant of Probate or, if the deceased did not leave a Will, a Grant of Letters of Administration.

This is the legal document that gives the executor or, if there is no Will, the administrator, or their representative the legal authority they need to deal with the deceased’s estate.

Placing statutory advertisements

It may be advisable to put statutory advertisements in the legal paper known as the Gazette and in local newspapers asking for unknown creditors or unknown beneficiaries to make themselves known. A probate solicitor will assess whether there is a risk of unknown creditors or unknown beneficiaries existing and make sure any necessary advertisements are placed and the correct time allowed for the individuals to come forward.

Collecting in assets and clearing liabilities

Once the Grant of Probate or Grant of Letters of Administration is issued, the probate solicitor will send copies to asset holders such as banks and life insurance companies. They will liquidate the holdings and send funds to the solicitor, who will then arrange to clear all debts and liabilities.

Property will also be cleared and sold at this stage unless the Will provides that it is to be passed on to a beneficiary.

Preparing estate accounts

The probate solicitor will then prepare estate accounts, setting out all of the assets and liabilities and including estate income and expenditure over the administration period. Copies of the finalised accounts will be provided to the residuary beneficiaries.

Distributing the estate

Finally, the estate will be distributed in accordance with the Will or, if the deceased did not leave a valid Will, under the Rules of Intestacy. This could be the transfer of assets such as property or valuable items, or payment of cash gifts.

The solicitor will arrange for all beneficiaries to sign receipts acknowledging that they have received their bequests.

Contact Us:

If you would like to speak to one of our expert estate planners, ring us on 01634 353 658 or email us at rob@pembrokewillwriters.com