If a loved one has appointed you as an executor in their Will, this means that you have been appointed by them to carry out the wishes of their Will.
It is likely that you will need to obtain a Grant of Probate before you are able to deal with the management of their estate such as the sale of property or the closure of bank accounts.
A Grant of Probate may be required if the estate holds the following assets:
- Property or land
- Money in bank accounts
- Investments and/or shares
- Life insurance policies written in trust
- Foreign assets & business interests
If probate is needed, the probate registry and HMRC will require various forms to be filled out letting them know what the value of all the assets and liabilities in the estate are so they can confirm if Inheritance Tax is due.
The fees for applying for a Grant of Probate differ depending on the value of the estate. If the value of the estate is over £5,000 the application fee is £215. There is no fee if the value of the estate is below £5,000.
Applying for probate can be complex and confusing, here at Newnham & Jordan we can provide top quality advice to ensure the process runs smoothly and is explained every step of the way.
For more information contact Newnham & Jordan Solicitors today on 01202 877 400 to enquire about our Probate services.
- We offer confidential appointments in person or by Zoom.
- You are also welcome to email us at: privateclient@Newnham-Jordan.co.uk.
This article is intended for general information purposes only and shall not be deemed to be, or constitute legal advice. Newnham & Jordan Solicitors, in Wimborne Dorset, cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.