Who needs probate?
Probate is usually required to allow a person's assets to be administered accordingly after his/her death by resolving all claims and distributing the deceased person's property, keep in mind though that each situation is unique and there are some cases where probate is not necessary.
Below are some of the instances that effect Probate:
Inheritance Tax is payable at 40 percent on any qualifying Estate that is worth more than the Inheritance Tax Threshold of £325,000 (tax year 2009/10). Many people see this as an unjust requirement since they perceived that it is unfair to tax the money that has already been taxed before.
Fortunately a Probate broker can help you minimise your Estate Inheritance Tax liability through strategies that can be employed posthumously.
If a person died without having a valid will, his/her assets will be divided accordingly based on the Laws of Intestacy. This usually means that the deceased person's Estate is not entirely and automatically pass to their spouse but is rather shared between other relatives, which includes their parents, brothers sisters, children, aunts, cousins, etc.
Probate brokers can help you carry out important legal steps to follow after a person dies intestate. They will guide you through the process and ensure that the estate is appropriately settled in agreement with the law.
Executor of the Will
If the executor of the will is a bank or a solicitor, then the probate fees could be high therefore going for a Probate broker can help you miminise the cost as they offer guaranteed fixed-free quotations and transparent charging basis.
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Contact the AuthorAdam Philip
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