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We are now Probate Associates!

MiGem are delighted to announce that we have recently qualified as a Probate Associate.


But what is it? Probate is the process of administering the estate of a person who has died. Those with responsibility for probate are called “executors” if they are appointed in a person’s will, or “administrators” if the deceased died intestate and they have been appointed by the courts. “Personal representatives” is the broader term that includes both of these categories.


Why use a Professional?


• Executors carry unlimited legal liability for the estate if matters are left

• There is no timescale for finalising an estate

• Some estates go on for years, especially when there is complex tax planning or where litigation occurs

• Certain procedures that have to be followed in order to protect Executors and beneficiaries – would a lay person know this?

• There are many examples where on first death (and even second) nothing is dealt with, probate not applied for and trusts never set up! There have been many cases where the 1st death owner of the property is still on the property title at second death!

• Do they have the time to complete the administration properly – income tax returns, claims from the Department for Work & Pensions

• The big issues:-

• Out of date wills which include trusts that are no longer required – Nil Rate Band Discretionary Trusts’s (NRBDT)

• Residential Nil Rate Band (RNRB)

• Transferrable Nil Rate Band (TNRB) – lost paperwork or NRBDT’s in Wills on 1st death

• Business Property Relief (BPR) / Agricultural Property Relief (APR)

• Claims on estates or concerns of capacity/undue influence

• All these add to the complexity of administration – there is no such thing as a simple estate


For more information get in touch.


MiGem

Life Well Planned



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