At Bowsers Solicitors, we understand how difficult and complex winding up an estate can be and we want to do everything we can to ease the stress at this difficult time. We take a look at tackling probate to guide you through the process and offer reliable legal advice.
● Winding Up An Estate
If you have recently lost a loved one and have to deal with winding up an estate, there are a number of things you need to do, from finding out whether there is a will to arranging the funeral and applying for Probate. It can be a good idea to get a legal expert to help you with this process as there can be a range of sensitive issues and if you haven't got your own will, you should get one written.
- ● Finding a Legal Specialist
Finding a legal specialist is crucial in this process as they can guide you through and make sure everything is handled correctly.
- ● Applying For Probate
It can be hard to know how to handle bereavement, but in most cases, probate will need to be granted. In order to apply for a grant of probate, you can apply personally, but it is a complex process that takes many months so it might be a good idea to get legal advice.
● Inheritance Tax
Depending on the value of the estate, inheritance tax may need to be paid to HMRC. Inheritance tax must be paid at a rate of 40% on the value of the estate over the threshold set by the government. In 2021-22 the Inheritance tax threshold is £325,000.
● Handling Financial Affairs of Someone Who Has Passed Away
You may also have to handle the financial affairs of the person, including closing accounts and making sure any debts are paid. This may also include covering the costs of the funeral.
● Joint Assets/Bank Accounts
You will also need to handle joint assets and bank accounts that you may have had with the deceased and work out how much of it should be included in the estate.
Get In Touch
- If you are struggling to deal with winding up an estate, our will writing solicitors based in Cambridgeshire have many years of experience and knowledge. We can help you with every aspect of the process and make sure your loved one's wishes are carried out fully. Call us today on 01945 583194.
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