Things you Need to Know About Applying for Probate – Post Covid 19 – Series 6

Continuing with our series about things we think you need to know about applying for Probate, and perhaps some of the practical tips that should be considered.

Checking Backing Records.

We have found that persons who wish to carryout the estate administration, but request us to complete the forms, will sometimes comeback to us to complete the administration, as they have found that complications they were not aware of have developed within the administration.

As we previously indicated, it is an executors and administrators legal responsibility to ensure that the correct information is given to the Probate Registry, and just as importantly to HM Revenue and Customs, so that they can establish if any inheritance tax is payable.

One of the complications is potential gifts made by the deceased, within seven years of their deaths.

If gifts have been made, then it may well be that they attract inheritance tax, and you will need to provide HMRC with details of the gifts during at least seven years from the date of death. Therefore you should check bank statements to check for gifts.

During a persons lifetime somebody should make a list of what gifts have been made, as queries will be raised.

You may find that the bank will resist providing the statements to a layperson, and you may find that you have to obtain this information through a legal representative.

You may find that you will have great difficulty in proving that, the money given as gifts come out of their relatives ‘excess income’ – a crucial condition if inheritance tax on gifts is to be avoided.

We offer a service where, we will draft and provide the appropriate paperwork, for the application for the Grant of Representation to be made.

Please do not hesitate to contact to us if you have any queries on this matter.