The first step in applying for probate in Winchester, is to list all assets and work out a valuation to determine whether or not the estate will be liable for inheritance tax. This will determine the actions you need to take and the forms you'll need to complete.
If the estate is 'excepted' you need to fill out and submit a PA1 and an IHT205 form, along with the fees and required documentation. If the estate is liable you must complete a PA1 and IHT400 which is a full inheritance tax return.
Once HM Courts and Tribunals have received and checked through your paperwork, you'll be invited to attend an interview. The executors or administrators must attend to answer any official questions and swear an oath that the information they've provided is accurate.
Provided there are no problems, the grant or letter of administration document will be issued. Any inheritance tax owed must be paid beforehand. Once you have this, you will have the authority to fulfil your duties as an executor. The document will be required by financial institutions so you can gain access to bank accounts etc.
Administering the estate involves opening a bank account, creating a set of accounts, paying debts, collecting in monies owed and distributing the proceeds to the entitled beneficiaries.
Although this may seem fairly straightforward, it is time consuming, lengthy and frustrating at times. Certain aspects can be extremely complicated and representatives can be held personally liable for any mistakes. It's no surprise that the majority of people, seek the assistance of a professional company to act on their behalf.
IWC's Probate Service
We offer a comprehensive probate service for a low cost, fixed fee, agreed in advance. As specialists in probate and estate administration, we able to offer you the best possible advice and ensure probate is completed in a fast, efficient manner. Our highly qualified practitioners (STEP members or degree certified) will take care of the entire process on your behalf. This includes making the application to the registry, valuing the estate, dealing with inheritance tax and HMRC and correspondence with all executors and beneficiaries.
For free help and advice, to obtain a quote or book a free consultation to discuss probate Winchester, call us now on 0800 612 6105, lines are open 7 days a week until 10pm.