Wills and Probate - Probate Services Buckinghamshire

Probate' is a term commonly used when talking about applying for the right to deal with a deceased person's affairs or a Probate Grant (called 'administering the estate').

In practice, different terms are used, depending on whether or not the deceased person left a will and where they lived. This information covers probate in England and Wales.

When you create your will you need to appoint executors. Is common for people to appoint their closest family and nominate these as executors.  It is worth considering appointing a professional executor rather than your close family members. At the time of your death it is highly likely that your loved ones will be grieving, do they really want to take on the role of the executor for your estate?

These duties of the Executor can include:-

Discovering and listing all the assets, property, saving and other investments you have:

·    Having your estate professionally valued

·    Arranging your funeral

·    Ensuring the will is probated correctly

·    Gathering up information on outstanding debts and bills

·    Working out what Income and Inheritance Taxes are due and making any necessary tax returns and payments

·    Completing and submitting all Probate Registry forms

·    Recovering all assets

·    Paying off all debts

·    Ensuring all gifts and legacies are given to the correct beneficiaries

·    Creating a clear set of accounts for the estate and demonstrate to the beneficiaries how they have disposed of the estate

In addition, if your estate contains trusts the Executors must ensure these are set-up correctly and passed to the trustees to manage. The trustees have many duties  including taking good care of the assets in their trust and where they do not have the professional skills required they must employ suitably skilled people. Trustees are, at all times, accountable to the beneficiaries of the trust they manage and if they act unwisely or inappropriately they can be sued by the beneficiaries.

We offer a packaged service that you can buy when we create your Wills. This packaged service provides the services of professional executors and trustees for you and any qualifying members of your family. By purchasing this service your loved ones will not need to worry about the arduous duties associated with being an executor or trustee. The service has a fixed purchase price which covers all qualifying members of your family. On death executor and trustee duties are handled for a fixed percentage of the estate capped at no more than 1.75% of the value of the estate. Trusts are also administered at a fixed capped fee of no more than 1.75% of the value of the trust annually.

If you need help or assistance in dealing with a deceased estate general guidance can be obtained from your local probate office. Wills and probate can be complicated areas we have a team of probate specialist that can assist you in gaining probate and all of the duties of the executors and trustees to find out more please give us a ring.