If you were named the executor of your spouse or civil partner’s will, you may need to apply for probate before you can administer their estate. Here, we’ll cover the main steps you need to follow before you can close accounts and distribute assets to beneficiaries.
1. Work out how much the estate is worth. In order to work out whether probate is required, you’ll need to build up a picture of your spouse or civil partner’s estate. This includes things like property, bank and building society accounts, savings, debts, stocks and shares, life insurance, and pensions.
If there are solely owned assets worth over £10,000, there’s a good chance you’ll need to get a grant of probate before you can distribute funds to beneficiaries. However, this value can be higher for certain organisations.
To find out for certain whether you need to apply for probate, call our probate specialists today on 01482 893258.
2. Apply for probate. Once you’ve worked out that you need a grant of probate, you’ll need to prepare your probate application. It’s important to get started as quickly as possible so that beneficiaries aren’t left waiting for their inheritance.
At Wellbeing Services, we offer a fixed-price probate service for just £565. Here’s how it works:
· We have a call or face to face appointment to collect details about your loved one’s estate
· Your probate application is prepared and sent to you to be signed
· Your probate application is submitted to the probate registry
· Your approved grant of probate is sent to you in the post
To find out more about our service, or for a free, no obligation quote, give us a call today on 01482 893258.
3. Administer the estate. After receiving your approved grant of probate, you’re free to start closing accounts, selling or transferring property, and distributing assets to the beneficiaries named in the will.
If the estate is fairly simple, you may be comfortable dealing with this yourself. However, this process can become much more complex if there are multiple accounts to deal with or inheritance tax has to be paid.
If you would like help administering the estate of your spouse or civil partner, call our probate specialists today on 01482 893258. We can provide you with a free quote in just a few minutes.