Probate
Probate can be a very complex process, and unfortunately those named as Executors are not necessarily up to the task of handling the entire Estate Administration without assistance.
Winding up a person's estate after they have died is not something to be undertaken lightly or without some experience. Here at Newlife Wills, we can assist you in the administration of the deceased's estate.
Putting affairs in order after a loved one's death can be a daunting task, accounting for all property, assets and investments as well as all debts and liabilities, addressing the matter of inheritance tax, the guardianship of children (or even animals) and distribution of bequests to all named beneficiaries.
It is not something any individual should try to tackle alone - but don't worry, we're here to help!
REGISTER THE DEATH
When someone dies, you’ll need to register the death with the local register office within 5 days (England/Wales)
IS THERE A WILL?
Start by finding out if the person who has died had a Will and where it’s kept.
Make sure it’s the last Will they made.
CLOSE ACCOUNTS
Notify all necessary organisations such as banks and credit card companies and close all accounts held by the deceased.
PAY OFF DEBTS
There is a set order of priority for paying off debts - Firstly, funeral expenses, then taxes , paying creditors (such as loans/mortgages) and lastly beneficiaries.
CLAIM LIFE INSURANCE
If there is a Life Insurance Policy, the beneficiaries of the policy do not have to be the ones to make the claim, but they are the only ones who can receive the payout.
VALUE THE ESTATE
Work out how much the deceased's assets are worth so that you can pay any inheritance tax owed. It’s best to get a professional valuation.
Rob Collison, Owner
"The good news is that we can offer whatever level of assistance is needed to help you put the affairs of the deceased in order, whether that be a complete Probate and Administration service or simply providing advice and assistance on completion of forms or on specific aspects of the administration."