Here at Northwood Banks & Co Ltd, we understand that bereavement is often a difficult & emotional time. Dealing with the legal side of things, the HMRC, and attending courts to address matters like Inheritance Tax may seem complex and bewildering.
Fortunately, you need not face this legal and financial worry on your own. With our help these matters can be dealt with quickly and for the minimum of cost, so that you can get on with rebuilding your life.
Most estates have to go through probate, whether you leave a will or not. It ensures the deceased estate passes to the right people and all tax due on death is identified and collected.
If your estate is over five thousand pounds, before it can be collected for distribution, a Grant of Probate must be obtained. This means the will must be formally recognised at the local Probate Registry. Banks, building societies, and insurance companies will often insist on seeing a Grant of Probate before they pay out and your house will not be able to be sold.
If your estate is worth more than £325,000 it may be liable to Inheritance Tax and you would be wise to enlist the help of a professional. If you are acting as an Executor in a will then you are personally liable for any debts, so professional advice is essential.
So that we can establish whether probate is required in your situation, please contact us, and talk directly to one of our advisors who will give you free advice and tell you how to proceed. We are able to arrange a free appointment at your home in order to assess your particular situation. During this visit you will be advised how to proceed on your own should you feel able to, or we can give you an all-inclusive price for Northwood Banks to administer the estate on your behalf.
Our price is not an hourly rate, but a total fixed price to deal with all aspects of the estate. There are no deposits, and our fee is payable from the estate at the end of administration, which ensures that we will not delay in our administration. We will then take away all relevant documents and begin correspondence, providing you with regular updates until we have finalised all aspects of the estate administration.
Obtain copies of the death certificate.
Most banks and building societies will pay the funeral bill before probate is granted. When you ask Northwood Banks & Co Ltd to deal with the legal process, we can usually get the funeral paid from the deceased’s own bank or building society, avoiding relatives having to pay from their own funds.
This will usually involve a visit to the court where you will be required to swear an oath. If you ask Northwood Banks & Co Ltd to deal with this on your behalf, you will not be required to attend court.
This will be used for the receipt of money due to the Estate and any loan arranged to pay an Inheritance Tax bill and/or probate fees.
Banks, building societies, life assurance companies, employers, local authorities, HMRC, and benefit agencies will all need to be informed.
This will include the house and its contents, other personal effects, investments in savings plans, equities, life policies, building societies etc. Draw up a detailed schedule of all the deceased's assets.
If you are acting as an Executor in a will, then you are personally liable for any debts, so professional advice is essential.
These will include mortgages, income and capital gains taxes, bills, credit cards, loans, and overdrafts.
This includes forms required by the HMRC Capital Taxes Office so that it can be established whether any Inheritance Tax is due.
These must be filled in and sent or taken to the Probate Office along with the original will, the death certificate and the HMRC account.