Sometimes the death of an elderly family member brings a lot of confusion. Despite the will they made, the sorting out of their assets becomes a significant burden. With such hectic lives, dealing with the handling of technical and legal issues is not easy for anyone.
The appointing of probate solicitors is the first step you can take in this direction. These solicitors see that the will is executed correctly, and you do not have to deal with much work. Here we will tell you in which situations you should use a Probate solicitor.
A probate specialist could be an accountant or a solicitor. You might want to take probate solicitor’s help in the following situations.
- The value of the estate is over the Inheritance Tax threshold. The estate is still earning income, and some complicated taxes are involved in it. For example, the threshold for the Financial year 2021-22 is $325,000.
- The person who passed away did not leave a will for his descendants. Plus, the estate is difficult to sort out for anyone.
- The validity of the will is under the scanner. People are raising issues about whether the will was actually made in full senses or under force.
- The deceased had descendants who were left out of the will. However, these people want to stake a claim on the estate.
- The estate is pretty complicated. The money is either left in a trust to be given when the descendent reaches a certain age. Such kind of complex will conditions can quickly be processed with probate solicitors’ help.
- The estate is insolvent. Or there is no money involved and most of the estate has been rendered bankrupt, then you need external guidance.
- There is foreign property or money involved in the trust. Even foreign assets are a cause of issue when it comes to handling your estate.
- The deceased lived out of the main country. This makes the actual execution of the will somewhat difficult.
Now we will talk about when we do not need a probate solicitor to help us:
- The estate was held in joint custody with the spouse or any other legal partner. For example, if you have a joint bank account.
- This estate does not have property, land, or shares involved.
- The money that is held in the account is within the set limits. You will have to discuss this with them. Only they can tell you the limits and the policies that help you in accessing the will.
In the above case, you will just have to inform the bank about the demise. They will ask you to furnish the death certificate. The person who is left behind can still access the account and use it like before.
If you cannot handle the stress of processing a will of an estate, better ask for external help. These solicitors guide you with all the work required, and you can relax completely. Once the will is executed, you can enjoy the spoils by just paying a small fee to the solicitors.