Probates & Trusts
After a person has died it is usually necessary to apply for Probate or to implement any Trusts which the deceased set up in his or her Will. Probate is the formal process whereby an executor obtains authority to administer the Will and deal with any Trusts which are set up by the Will. Without this formal authority the provisions of most Wills cannot be carried out, unless the estate is very small in value or all property is held jointly with a surviving relative or friend. If the deceased did not leave a Will the next of kin will need to apply for Letters of Administration instead of Probate. In either case it will be helpful (if not essential) to seek the advice of a specialist solicitor.
The executor will need to provide the Probate Registry office with evidence of the death, the value of the deceased's estate, the original Will, the Probate Fee, and an Inland Revenue Account. Often a deceased person will have nominated a solicitor as an executor of the Will which can be very helpful to the surviving relatives if Probate is required.
The setting up of a Trust can secure a portion of the estate for the benefit of named individuals to inherit at a specific point in time. If children or other beneficiaries are infants then they may well only receive what is due to them at the age of 18 or at any later age which is specified. In addition, money may be left in Trust until a grandchild or a child from a previous marriage attains a certain age or property can be left in Trust for the benefit of named individuals or even to preserve it for the use of succeeding generations. A Trust can be established during someone's lifetime or on their death by an executor carrying out instructions contained in a Will. Setting up a Trust can be a way of reducing taxes which are normally levied on an estate after death. However, careful planning is required and it is important that early discussion takes place to ensure that the right decisions are made for everyone concerned.
We recommend that you also read our Web page on wills to understand more fully the above information. In the event of a death in the family then we can take the worry off your hands leaving you free to cope with the bereavement and other personal aspects involved.