After a
person has died it is usually necessary to apply for Probate
or to implement any Trusts which the deceased set up in his
or her Will. Probate is the formal process whereby an executor
obtains authority to administer the Will and deal with any Trusts
which are set up by the Will. Without this formal authority
the provisions of most Wills cannot be carried out, unless the
estate is very small in value or all property is held jointly
with a surviving relative or friend. If the deceased did not
leave a Will the next of kin will need to apply for Letters
of Administration instead of Probate. In either case it will
be helpful (if not essential) to seek the advice of a specialist
solicitor.
The executor will need to provide the Probate Registry office
with evidence of the death, the value of the deceased's estate,
the original Will, the Probate Fee, and an Inland Revenue Account
if the value of the estate is high enough. Often a deceased
person will have nominated a solicitor as an executor of the
Will which can be very helpful to the surviving relatives if
Probate is required. Our partner Nigel Spoor is a member of the Society of Trust and Estate Practitioners
and is therefore well qualified to assist in matters of Probate.
The setting up of a Trust can secure a portion of the estate
for the benefit of named individuals to inherit at a specific
point in time. If children or other beneficiaries are infants
then they may well only receive what is due to them at the age
of 18 or at any later age which is specified. In addition, money
may be left in Trust until a grandchild or a child from a previous
marriage attains a certain age or property can be left in Trust
for the benefit of named individuals or even to preserve it
for the use of succeeding generations. A Trust can be established
during someone's lifetime or on their death by an executor carrying
out instructions contained in a Will. Setting up a Trust can
be a way of reducing taxes which are normally levied
on an estate after death. However, careful planning is required
and it is important that early discussion takes place to ensure
that the right decisions are made for everyone concerned.
We recommend that you also read our Web page on Wills
to understand more fully the above information. In the event
of a death in the family then we can take the worry off your
hands leaving you free to cope with the bereavement and other
personal aspects involved. Our offices are located near the
centre of Gerrards Cross with limited parking for visitors at
the rear. Otherwise parking is available in Oak End Way and
Station Road (where there is a large public car park). Please
contact us by telephone, fax, e-mail or letter and we will be
delighted to act on your behalf.
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