Understanding the probate process

Описание: Understand What is probate? RG Law explains the administrative process to deal with a deceased person’s estate after they have died. The first stage is registering the death, organising the funeral and collating information from pensions, banks, financial investment companies, estate agents and valuers.

Unfortunately, no central register exists, so this process can be very time-consuming. Before applying for probate, you must find out if you need to pay Inheritance Tax.

There are several stages before an executor receives a Grant of Probate, which gives authority to deal with the assets, such as selling property, making claims for insurance policies, closing accounts, and paying off debts.

If the estate has been receiving any income during the administration, any income tax or capital gains tax is calculated and paid at this point. The assets can be distributed to the beneficiaries only when all the affairs have been finalised.

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