Probate and Estate management
After the loss of a loved one, you may find yourself responsible for handling their estate and remaining affairs. This probate process can seem overwhelming, leaving you with many questions about the required steps and what it all entails. On this page, we aim to clearly explain the key aspects of probate and outline how we can provide knowledgeable support to guide you through it.
What is probate?
Probate, referring to the ‘Grant of Probate’ in England and Wales, or ‘Confirmation’ in Scotland, is required by law when the deceased owns property (including any houses, buildings, or land) or if a financial institution (such as a bank) requires a Grant of Probate to release funds. It is important to remember that financial institutions and organisations set their own probate thresholds. Therefore, obtaining a Grant of Probate may not be necessary to access funds. Additionally, probate is not usually required if the estate is less than £5,000 in value or if assets were held jointly, as they will pass to a surviving spouse or partner. If probate is required, a Grant of Probate must be obtained before an Executor (if there is a Will) or an Administrator (if there is no Will) can start to gather in the assets associated with an estate.
What is estate management?
Estate administration is the process of dealing with a person’s legal, financial, and tax affairs after they have died. It involves far more than obtaining a Grant of Probate, which is just one potential element of the wider process. Estate administration can be extremely complex and is required after every death, whether there is a Will or not. In order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
Obtaining a Grant of Probate; closing bank accounts and paying any debts; ensuring the family tree information is correct; dealing with shares and investments; selling property and assets; and contacting beneficiaries.
These are just some of the tasks that may be involved. However, every estate is different. While some people decide to administer a loved one’s estate themselves, this can take a significant amount of time and effort, leaving them personally liable for any mistakes made during the process. On the other hand, those who do not want the financial and legal responsibility may choose to instruct a professional to help them complete the entire process.
The solution?
Whether the estate is simple or complex, dealing with the death of a loved one is rarely straightforward. That’s why Funeral Experts has partnered with Kings Court Trust, our preferred provider of probate and estate administration services. Most of us are not used to dealing with the complex requirements of estate administration, especially at a time when financial matters are the last thing on our minds. Kings Court Trust is the leading specialist estate administration provider in the UK and, like us, they place their clients at the very heart of everything they do. Estate administration is their sole expertise, and they can advise on any situation. Whether you only want support with the probate application process or would like to hand the entire process over to the professionals, Kings Court Trust has a variety of solutions available to support you in your time of need. There are numerous benefits of instructing the award-winning providers to complete this complex process for you, including:
1. Clear and transparent pricing. They work on a fixed fee basis, unlike many other estate administration providers.
2. Paying your inheritance quickly. Wherever possible, Kings Court Trust will make interim payments to all the beneficiaries, so you don’t have to wait until the end of the process.
3. Removing the legal burden off your shoulders. In full estate administration cases, Kings Court Trust can take on the responsibility and liability so that you don’t have to worry.
4. Receiving a personal service. You’ll be assigned a dedicated Personal Estate Manager who will keep you updated throughout the entire process and answer any of your questions.
Introducing probate and estate administration specialists Kings Court Trust
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