Probate is the legal process which administers someone’s estate when they die. Although you can do it yourself, there are risks.
How does probate work?
If there is a will, getting a Grant of Probate means it is legally validated and the executors have authority to go ahead and distribute the estate. Without a will, a similar process called a Grant of Letters of Administration is required. Both of these are official confirmation that allows for funds to be released by financial institutions and for property to be sold or transferred.
Attempting DIY probate
If an estate appears relatively simple, some people are tempted to keep costs down by doing probate themselves. However, even simple estates can be complicated and while it considerably reduces costs, it means a lot of paperwork and responsibility.
Potential problems
Risks include:
Misinterpreting the will – legal terminology can be complicated, which can mean executors misunderstand how assets should be distributed, which can lead to disputes. This is why it’s a good idea to employ a probate expert and if you are looking for someone to handle probate Leicester, there are several firms such as https://beesandco.com/our-services/probate/leicester/. Getting inheritance tax wrong – The executors are responsible for correctly calculating and paying inheritance tax and mistakes can lead to penalties. . Property issues – If property is included in the estate, there can be issues with mortgages or jointly owned homes which require legal expertise. . Identify all assets – Before the estate is distributed, executors must collect all assets and ensure all debts are paid.
