Death is undeniably one of, if not the most difficult life transition we will ever have to handle. Yet unfortunately, the time following a death cannot solely be dedicated to mourning the loss of a loved one and finding ways to start moving on. Upon a death, many legal processes need to be completed. However, ensuring you are prepared for what this will involve can make the heartache and stress that will inevitably be incurred that little bit lighter.
The primary legal process that is tied up in a death is the application for a ‘grant of probate’. A grant of probate states the person or people who are able to access and distribute the deceased’s assets in accordance with the will.
Most deaths will incur the need for a grant of probate to be obtained. However there are two circumstances in which this is not the case. If the total assets belonging to the deceased sit below a certain threshold (£5,000 in the UK, but other countries and states vary), or if all assets were jointly owned.
For those who must obtain probate, it should be noted that the application for it does not need to begin directly after a death. The deceased’s family can allow themselves time to mourn before the difficult process begins. However it’s worth noting that depending on the complication of the case, the entirety of the application could take many months (and very occasionally years) to complete, and the probate fees incurred could be substantial. This means that it is advisable to begin the process sooner rather than later.
Mourning family members should also be aware that they do not need to handle all legal processes alone. Getting other close family members involved in the proceedings can make dealing with the loss considerably easier.
It’s also highly advisable to employ legal help at this time. Although it is possible to complete an application for probate without any legal assistance, employing the help of a skilled professional will ensure the process is completed as quickly and with as little stress as possible. In addition, it is very easy for a person without experience to make mistakes on the probate application forms. Correcting any of these mistakes could be very costly. For this reason alone it may be more viable financially to employ a person to complete the process properly the first time round.
The only concern with employing a professional is that the probate fees charged by said professionals can be quite substantial. For this reason it is advisable to seek a probate firm or lawyer who is willing to offer fixed probate fees for their services.
Many firms will set their probate fees based upon a percentage of the estates value, plus an additional hourly rate for their services. There are two primary issues with this. Firstly, should the case turn out to be more complicated than initially thought, the cost of probate can stack up dramatically. In addition, it is very simple for the firm to take longer than is actually needed, thereby charging for more hours of their time than they have actually dedicated to the case.
Having access to professional assistance throughout such a time can additionally ensure that all pay-outs are correct. This includes the payment of any inheritance tax that may be due as well as the settlement of any loans, mortgages, bills or credit cards. Nobody wishes for their loved ones monies to be delivered in excess to financial bodies, so ensuring the family are advised correctly on what payments must be made, and the amounts that are due, can guarantee that as much of the deceased’s assets as possible are kept within the family.
This article was written by Amy Fowler on behalf of Wills and Probate. Amy writes on a variety of topics including how to reduce probate fees and other legal issues that surround a death.
Authors bio is coming up shortly.
