Find the Right Probate Solicitors Newcastle

Probate is the legal procedure of settling a person’s estate after his or her death, in which all claims are resolved and assets are divided among the rightful beneficiaries. It is usually a complex and time-consuming process, so it’s important to find the right probate solicitor to help you through it.

If you are named as executor of a will, there are numerous things to think about when determining whether or not you need to apply for probate. Find out more by contacting our Newcastle probate solicitors.

In the UK, the executor is responsible for applying for probate and administering the estate. However, if there is no will in place, this responsibility falls onto the next of kin.

The process of applying for probate can be complicated, so it is advisable to seek support from professional executor services like ours. Here at our leading firm, we will guide you through every step; from filling out paperwork and writing letters of administration to ensuring all taxes are paid.

In general, probate is only required by law when the estate (or sum of money and assets left behind) value reaches or exceeds the threshold of £5,000. This means that any estate with a value less than £5,000 does not need to be probated.

Other instances where a will might not need probate is if:

• All of the assets are jointly owned
• All of the assets are held in trust
• There is no real estate involved

Instances where probate might be required include:

• If the estate is worth more than £5,000
• If they did not have a joint owner or beneficiary named on their accounts
• If they owned real estate in their name only

If you’re not sure whether you need probate, it’s a good idea to consult with a solicitor. Our Newcastle office provides personalised legal advice regarding wills. Contact us immediately if you require bespoke legal advice on will writing in the Newcastle area.

The time it takes for probate to be granted depends on the estate’s size and complexity. Probate can take a year or more, but most properties are settled 6-12 months after going through probate.

There is no set limit in the UK at this time, with the bank or building society determining the threshold instead. Don’t hesitate to contact our probate solicitors if you’re concerned about income tax or how the estate tax threshold may affect the assets and property you stand to inherit.

Letters of administration are given to those who qualify under intestacy rules if a person dies without creating a will. In contrast, executors are given probate if there is a will.

Yes, a death certificate is required by law, but an interim one will suffice if you haven’t received it yet. If you’re having trouble obtaining a copy of your loved one’s certificate, our Newcastle lawyers can assist you. We realise this is difficult and will do everything we can to make the process as simple as possible for you.

If you are wondering if inheritance tax must be paid before probate can be granted, the answer is yes. Inheritance tax typically needs to be paid within six months of a person’s death, and if it has not been already paid, HMRC will charge interest on the unpaid taxes.

It is important to pay inheritance tax in a timely manner as letting it accrue may reduce your inheritance or come out of your personal account through interest payments.

If you have any questions regarding estate planning or other legal concerns, do not hesitate to contact our experienced wills solicitors in Newcastle for support.

If an estate is over the inheritance tax threshold, it is almost always the responsibility of the deceased, not their beneficiaries. However, any income generated from property or assets inherited by heirs may be included in probate fees.

Additionally, taxes might also be associated with probate costs in complex circumstances and would fall on the shoulders of beneficiaries. If you are unsure whether you are responsible for paying taxes, get free consultations with our legal team in Newcastle today.

A probate grant must be obtained in order to access your loved one’s estate. This is required by financial institutions like building societies and banks so that they know the money is going to the right person.

The grant of probate can be requested by anyone named in the will, such as close friends, civil partners, or surviving spouses.

Probate fees are calculated based on the size of the estate in question. If you are dealing with a large estate, you can expect more complicated tax forms and higher fees.