A probate is an authorization to proceed with the enforcement of the will or the management of the estates or property of a deceased person. The process of taking over the property is a difficult time, and you need to call a Probate helpline in this difficult period. For people who are not in the legal department, they do not need to understand only the overall meaning.
The stages of the probate process
Determine if there is a will
Before anything is done, the first thing is usually to determine if there is a will. There are many instances, where people die without leaving any will and according to research, less than 50% of the people leave a will.
If there is a will, then it is easier because the executor of the will is involved in administering the will. On the other hand, if there is no will, then the next of kin, who is a spouse or the child of the deceased is used to administer the will.
Calculating the inheritance tax
The inheritance tax is an important legal and financial procedure administered before the estates and property can be distributed. Inheritance tax (IHT) is calculated by taking into account all the property of the deceased in all forms including cash and then deducting all the debts.
A certain percentage is then taken, and this is what is paid as inheritance tax. To calculate the IHT, you will need the help of a professional who knows how to do it right.
Grant of representation/administration
The second step is to apply for a grant of representation, and this is done in the case where the deceased had left a will. In the case where the deceased had not left any will, we have the letter of administration that is used in such a case. The role of these documents is to help you in dealing with financial institutions that demand that you provide these documents as proof.
Distribution of the properties
After getting all the necessary documents, it is now time to distribute the properties. If there is a will, then the guidelines of the will should be followed according to what was stipulated in the will.
If there is no will, then there are regulations that are given on how the properties of the deceased should be distributed. The rules are supposed to be followed according to the will or the regulations if there is no will left by the deceased.