Assured Wealth and Estate Planning guide to the increased fee level and how forward planning can mitigate the new fees
What is probate?
When someone dies, you need to obtain the legal right to deal with their property, money and possessions, and to do so you need a grant of representation, which is commonly known as ‘probate’.
When is probate not needed?
Usually you won’t need to apply for probate if the estate does not include land, property or shares, if it is passing to a surviving spouse or civil partner because it was held in joint names or if the estate is valued at less than £5,000. However, each financial institution has its own rules and may still require a grant of probate certificate.
The new fees will apply to all applications received by the probate service on or after the date it is introduced in April 2019, irrespective of the date of death.
What is happening to probate fees?
Dying without a valid will… How intestacy rules can affect your beneficiaries…
It’s easy to assume your property and possessions will automatically go to loved ones when you die, but in reality, this is seldom the case.
Thousands of people die every year without making a will, without properly drafting one or where the execution of the will fails to meet certain legal requirements.
This results in a situation known as intestacy, where usually a family member picks up the pieces and takes on the often strenuous task of processing your estate.
If you die without making a valid will, your estate – including all your money, property and possessions will be divided according to the law and not your wishes. Those laws differ slightly between the countries in the UK, although the principles are similar.
When it comes to estate planning solutions ensuring that your hard work in life passes to the correct people after you are gone, there are several things you need to do. A will not only ensure that your estate is distributed according to your wishes but can also be used to reduce your liability to inheritance tax (IHT).This blog covers the basics of estate planning.
Despite the importance of Wilmslow estate planning many people haven’t made a will. A 2015 survey by YouGov found that 62% of British adults do not have a will or any estate planning solutions.