Probate is the process of administering someone's estate in accordance with the terms of their Will or, if they die without a Will, the intestacy provisions (where the Government sets out how your estate will pass).
The first stage is ascertain the value of the estate and identify the assets. The next stage is confirming to HMRC the value of the estate and, if applicable, paying the IHT and then applying for probate (or, if you die without a Will, what is known as Letters of Administration). Once this is granted, the assets can then be transferred to the ultimate beneficiaries.
It really varies depending on the assets in the estate and other complexities, such as whether there is IHT to pay, there are assets abroad or whether someone brings a claim against or contests your estate.
Please visit the gunnercooke website for an indication of the likely fees and disbursements.
It is often useful for beneficiaries of an estate to consider their own estate planning and, potentially, a Deed of Variation.
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