Probate Services

When someone passes away, it can be a very challenging and emotional time for their family. Yet a lot of important duties need to be done. Probate is a crucial part of this: it’s about getting the legal right to manage the deceased person’s financial affairs and assets.

What is Probate?

Probate is the process of proving that a Will is valid and that a certain person or people have authority from the Will to manage the person’s estate.

You need a Grant of Probate before you can start any administration of the estate. One you have it, you’re able to distribute assets as set out in the Will and make sure all legal and financial affairs are in order.

How do you administer an estate?

Administering an estate can be a complex and time-consuming process. It involves:

• Preparing Probate papers and submitting them to the HM Courts and Tribunals Service

• Completing HM Revenue & Customs forms and calculating any Inheritance Tax

• Placing Trustee Act Notices asking claimants to come forward

• Finding out if there are any life or minority interests

• Following legal procedures to administer the estate correctly

• Contacting banks, pension providers, insurers, government departments and others to understand what the estate is worth and if there are any debts

• Arranging ‘date of death valuations’ – to find out what property, jewellery, shares etc. are worth

• Finding out if there are any joint assets and transferring them

• Selling assets, transferring shares, cashing in and closing accounts

• Completing Income Tax returns

• Calculating whether Capital Gains Tax is payable with HM Revenue & Customs

• Collecting in the estate’s assets

• Setting up and managing any Trusts created by the Will

• Paying any debts from the estate

• Paying Inheritance Tax

• Preparing estate accounts and obtaining approval

• Sharing out the proceeds of the estate with the beneficiaries, as stated in the Will

• Formally closing the estate and preparing final accounts which must be properly prepared and open to scrutiny

How long does it take to administer an estate?

You will usually get a Grant of Probate within two months, and dealing with the estate can take around a year. You have to obtain all claims against the estate, via a solicitor, before you can administer the estate.

Appointing a Probate professional

Honey Legal* can manage all these complex duties for you or your loved ones. Thousands of clients choose us to manage the probate process, taking away the worry, pressure and legal responsibility at one of life’s most difficult times.

Derek’s story

Our client Derek found it difficult to manage as the executor of his father’s estate, particularly as the paperwork was disorganised and confusing. Read Derek’s full story.

What happens if you can’t find the person’s Will?

You need the original copy of the Will to apply for Probate. The first step if you don’t have this is to contact the deceased’s solicitor and ask if they have the Will.

If the solicitor has been in business since 1993, the Solicitors Regulation Authority can help you trace them.

What happens if the person did not leave a Will?

If the person did not leave a Will you can apply to be an administrator of their estate. This gives you the legal right to deal with the person’s estate when they die. 

You can usually apply to be an administrator if you are a close relative, their spouse or civil partner.

If successful, you’ll get a Grant of ‘Letters of Administration’ rather than Probate, which allows you to administer the estate in the same way.

Do all estates need Probate?

Applying for Probate might not be necessary if the person who died only had limited savings or premium bonds. For sums up to c.£30,000, some banks and building societies will release money if you can supply a death certificate.

If the person jointly owned land, property, shares or money then again, a Grant of Probate may not be required.

Generally, you will need to apply for Probate if person who died left more than £5,000, had stocks and shares, owned a house or land.

Do you need help with probate?

Benefits of a Will Trust

You’ve made the important decision to arrange your Will. Depending on your personal situation and what you want for your beneficiaries, there are different options to consider. A common focus in a Will is to set up trusts that will achieve your aims.

What is a trust?

Putting your assets or wealth in a trust is a way to guarantee that your loved ones have financial stability for their future. They can help reduce your estate’s exposure to Inheritance Tax and pass on your money, shares and equity in the most efficient way.

They can also provide protection for individuals who may have a disability, learning difficulties or financial issues that they cannot control.

Trusts are often used if you are worried about the impact of third party claims, the divorce of a child or the protection of vulnerable members of your family. There are a few types of trust, designed for different situations.

Protective Will Property Trust

A Protective Will Property Trust is designed to protect people who are joint owners of a property. It means your partner can live in the property for life after you have passed away. One of the appealing elements of this kind of trust is that, if there are any third party claims upon your partner’s assets, your share of the property can’t be used to settle any claim or liability.

This kind of trust also lets joint owners be more flexible with their share of the property – they can pass it on to someone other than the other owner. This can be useful if your partner remarries or gifts their share to someone else. Your share is still fully protected for the people you want it to go to.

Discretionary Will Trust

With a Discretionary Will Trust, you put some or all of your estate into a trust, to be passed on to your named beneficiaries by people you appoint as trustees.

It’s a good and flexible way to leave assets to future generations. One of the main reasons that people set up a Discretionary Will Trust is to protect your assets from being lost to third party claims or future government decisions.

You set out the general rules your Trustees should follow in making decisions about how to pass on your wealth. This can be useful if your children or other beneficiaries are on welfare benefits, are disabled or have a history of financial problems.

This approach also makes sure that wealth stays within your family – for example, it can’t be included in your child’s divorce settlement.

Kenneth’s story

Discretionary trusts are a very common in Will writing. Our client Kenneth wanted to make sure that his children would keep their inheritance, and it couldn’t be lost to their partners should they ever divorce in future. Read Kenneth’s full story

Who is involved with a trust?

There are three key roles within a trust – the settlor, the trustees and the beneficiaries.

The settlor is the person who establishes and puts assets into the trust. Settlors are usually individuals or couples.

The trustees are the people who control and oversee the trust. Anybody can act as a trustee as long as they are over 18 and have full mental capacity. Often the settlor will act as a trustee to keep an element of control over the trust.

The beneficiaries are the people who benefit from the arrangement. They might receive money from the trust or the right to occupy a property. Certain trusts give the trustees discretion over how and when these benefits are given to beneficiaries.

Are trusts a way to reduce tax?

Different types of trust are subject to Income Tax, Capital Gains Tax and Inheritance Tax in different ways. The rates and allowances vary according to the type of trust and how the beneficiaries stand to benefit from it. This is a complex area, so you should seek specific advice from an independent adviser about your specific situation. HoneyPro does not provide tax advice.


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Why you need an LPA?

Creating a Lasting Power of Attorney is an important step in retaining control of your health and finances in the future. It’s a straightforward process than can make things much simpler for you and your loved ones.

What is an LPA?

LPA stands for Lasting Power of Attorney. It’s a legal document that lets you appoint people you trust to make decisions for you, if you ever reach the point that you can’t make them yourself.

There are two types of LPA:

Property & Finance: managing bank accounts, paying bills, collecting benefits, selling your home.

Health & Welfare: making decisions about your medical care and your daily routine.


Why do you need an LPA?

Having an LPA in place means that people you trust can act on your behalf if you’re unable to. It helps your family keep control of what happens, rather than social services or other parties making decisions.

As an example, GDPR data regulations stop institutions and organisations disclosing personal data – even to your partner. Having an LPA in place allows loved ones to access your personal data as part of managing your affairs.

The important thing about Lasting Powers of Attorney is that they must be put in place whist you still have ‘mental capacity.’

How do people lose mental capacity?

We often think of dementia being the main cause of loss of capacity, especially as we grow older.  But in fact there are various situations where people can lose capacity, and in some cases it can happen quite suddenly.

Accidents, mental illness, a stroke or the side effects of medical treatment can all cause loss of capacity.

What happens if you don’t have an LPA in place?

If you were to lose mental capacity, your family would have to apply to the Court of Protection for permission to make decisions for you. This takes time and can cost thousands of pounds.


Without a Property & Finance LPA…

  • All bank and financial accounts may be frozen – even joint ones
  • Your loved ones have no authority to pay bills, loans or credit cards
  • Your loved ones have no authority to collect benefits or pensions
  • Your loved ones won’t be able to renegotiate mortgage terms or, sell your property or deal with tenancy agreements

Without a Health & Welfare LPA…

  • Your family can’t decide who looks after you or, where you receive care
  • Social Services will make all the decisions about you and your care
  • Your family get no say in major decisions, like whether to give you life-sustaining treatment
  • Healthcare professionals may not be aware of, or respect, your beliefs or wishes

Read Phillipa’s story

Mrs Collins’ husband passed away 3 months ago, whilst he was resident in care. The family weren’t able to access his pensions and Phillipa was growing increasingly concerned about how to her fixed rate mortgage would be rearranged if she were to lose mental capacity. Download her full story.

What’s involved in creating an LPA?

It’s a relatively straightforward process to create either kind of LPA. You need to decide who you wish to appoint as your attorneys. Many people decide to have more than one. You discuss this with them and fill in a form to name them. It is signed by you and your attorneys in the presence of witnesses.

A Property and Finance LPA can be used as soon as it is registered, with your permission. A Health and Welfare LPA can only be used when you are no longer able to make decisions.

How do you register your LPA?

  • When you’ve made your Lasting Power of Attorney, you’ll need  to register it before it can be used You register the LPA with the Office of the Public Guardian. This involves signing your completed LPA form and sending it off
  • There is a £82 registration fee for each LPA payable to the Office of the Public Guardian
  • It takes up to 20 weeks to register an LPA

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Why do I need a Will?

Most of us understand that a Will sets out your wishes about what happens to your wealth and possessions after you die. You might not think that you need a Will – here’s why you should seriously consider writing one.

The main purpose of your Will is to look after the people you leave behind. Setting out your wishes makes it easier to distribute your wealth and property, relieving stress for your family at an emotional time.

What are the main reasons to make a Will?

Most people make a Will because it makes things so much easier for your family after you have gone. It also gives you control and peace of mind.

By making a Will, you have the power to state who inherits what. You can include trusts in your Will to give you and your family members more protection. A Will also lets you make gifts to other family members, friends and charities.

Tax is also a consideration. Although you can’t avoid paying Inheritance Tax, with the right planning in place your estate won’t pay any more Inheritance Tax than is necessary.

What happens if you pass away without a Will?

People often believe that they don’t need a Will as their spouses will just inherit everything. But that’s not necessarily the case, especially if you have children.

If you die ‘intestate’, without a Will, intestacy laws apply. While these are designed to be fair, they may not suit your situation. Under intestacy laws:

•             Your estate is shared between your spouse and children

•             Your partner isn’t recognised if you’re not married or in a civil partnership

•             Other family members or ex-spouses can make a claim

•             It takes much longer for your estate to be shared with loved ones

Are all Wills the same?

No. Your Will is designed around your personal situation and your wishes. The wording is very important – it must be clear and unambiguous.

Types of Will include:

•             Simple Wills

•             Mirror Wills – for partners and spouses

•             Trust Wills – setting up plans to protect your dependants

What is usually in a Will?

Some of the main things that you would include in a Will are:

Executors and trustees – naming the people that you trust to carry out the wishes in your Will. You need to think about the right person for this role – someone confident, competent and that fits with  the family dynamics.

Guardians of children – naming people to care for your children if you’re not around. Who are your most trusted family members or friends, who care about you and yours almost as much as you do?

Gifts – many people choose to write specific gifts into a Will, either of money or treasured possessions. These can be gifts to people or to a charity. 

Your wishes – there are many wishes that you may want to have carried out by your executors, and most will be straightforward.  But some Wills have to be more complex because life can be complicated! Whatever your circumstances, writing a Will is the only way to make sure that your loved ones will continue to be taken care of in the best way possible.

How to use a Will to protect your family

Charles and Samantha’s story

It helps to explore a real-life example of how Wills can work. Our clients Charles and Samantha aren’t married, but share three rental properties together. They wanted to make sure that if something happens to one of them, the other will still receive the full rental income and ownership rights. Read their full story

What happens if your circumstances change?

Your Will must be kept up to date. Important times to review and update your Will include:

•             When you get married – any existing Will becomes void

•             If you divorce

•             Following bereavement

•             When you have children

•             To change Executor – e.g. following a death or change of relationship

•             To change or add beneficiaries

•             To make specific gifts of your property and assets

How writing a Will saves time and money

A Will is an investment for your family’s future. It’s like a form of insurance for your loved ones.

If you don’t have a professionally drafted Will, the financial cost to your family to sort everything out after you’ve gone could be much greater. On top of that comes the additional stress and pressure at an already difficult time.

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Client Review Report

We understand making complex and very important decisions can be daunting.

That’s why we encourage all customers to receive their Client Review Report, which sets out what you need based on your individual circumstances. Our expert system will tailor your report…. it’s just like having your own adviser sitting in front of you – but without the cost.

The key steps to a secure future

Your personalised Review Report

1
Answer a few questions
2
Generate your free personalised report
3
Choose your package
4
Confirm your details

Answer a few questions – we’ll explore your situation and what you’re looking for.

Your free personalised report – based on what you tell us, we’ll recommend an approach and explain how it will help you.

Choose your package – choose from Bronze, Silver and Gold to get the protection you want – with a choice of payment methods.

Confirm your details and instructions – provide details of your assets, executors and beneficiaries with specific instructions as to how you wish your estate to be distributed, or your affairs to be managed.

Help at every step of the way – Meet Willobee, your personal online guide, who will explain each part of the process. Or, if you prefer, call to speak to one of our experts.

Are you ready to start your Review Report?