Although some people are able to manage the administration of a straightforward estate, there are often occasions where it’s prudent to seek professional guidance from a Probate Specialist. The Probate process can be arduous and stressful and mistakes made during the process can have consequences further down the line.
It’s advisable to use the services of a Probate Specialist where:
- The person has a large estate and died intestate (without a Will).
- The estate is large or complex – for example, where there is a lot of property, assets held in trust or abroad, or the person owned a business.
- The estate is over the Inheritance Tax (IHT) threshold (currently set at £325,000) – the IHT rules can be complicated and mistakes can incur financial penalties.
- There is a dispute over the assets – this could be over the validity of the Will itself or if there are dependents who were left out and want to make a claim for reasonable financial provision under the Inheritance (Provision for Family and Dependants) Act 1975.
- There may be an issue with bankruptcy – either the estate is bankrupt or there are suspicions that this may be the case.
- The named Executors have renounced their role or need to be removed and there are no suitable alternative Administrators.
- The Executors or Administrators realise that the task is beyond their capability – many Executors are family members who may simply find the role too much to cope with on top of their bereavement.
If you’d like to speak to someone about working together, please get in touch with the Laurelo team for an informal chat, on 0203 058 2329 or email info@laurelo.co.uk.
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