Probate is the closing down and administration of an estate on death. Probate is expected to be undertaken on any estates with a value in excess of £50,000, which includes any property asset.
The law has recently changed surrounding contentious probate, which saw an amendment to the Wills Act of 1837, legislation that had barely changed for 200 years.
In 2022, 540,338 people died. Not all of them had Wills and some of those that did, left instructions that left hundreds of potential Beneficiaries not inheriting. As such, the contentious Wills sector saw a rise where 1 in 25 Wills were being contested in 2021 and in 2022 this rose to 1 in 20 with some industry reports suggesting 3 in 4 of people will experience some form of issue with Probate in their lifetime.
Probate is conducted by your chosen Executors. They are responsible for the collection of assets and the payment of debts prior to distribution. If they fail to discharge this duty accurately, they can be held personally liable for any loss incurred to a Creditor or Debtor.
7 reasons why you should consider using a Professional Executor:
Expertise and professional impartiality. This is our job
Reassurance that all allowances are claimed that are due to the estate.
Peace of mind that your Beneficiaries receive the maximum amount due to them.
If a Trust is involved, ensures continuity so the Trust continues to do what it should.
Liability – All of the liability is with us; your family have nothing to come back at them in the future.
Ensures all Taxes are paid to HMRC and benefits are claimed for or returned as appropriate to DWP.
Takes the Burden away from your family at a time of upset.
Call us free on 0333 335 5472 or fill in the form below and one of our Estate Planning Experts will be in touch.