THE ROLE OF A PROBATE SPECIALIST
Probate specialists are qualified individuals who manage and distribute deceased people's estates. According to the nature of the estate and its assets, a Probate Specialist Market Harborough may be a solicitor or a certified public accountant. As the name implies, probate refers to the detailed and complex process of administering a deceased's estate, which includes a variety of assets such as property and investment portfolios. A person responsible for managing the deceased's finances must organize the deceased's finances at the start of the process. It will also end with the distribution of individual assets by inheritance.
What Is the Role of a Probate specialist?
The role of a probate specialist in Market Harborough can be divided into two categories:
Planning for a client's assets is the responsibility of a probate specialist. Among the steps in this process may be drafting a will, forming a trust if there are more substantial assets, and ensuring all the legal paperwork required to distribute the inheritance among the beneficiaries. A role such as this can include advising on how to structure a company so that a child can subsequently take over or liquidate a company and then give the liquidation to a child. Among the services included is tax advice, setting up funds to cover property and state taxes that family members might have to pay, and helping clients prepare their will or trust.
When a loved one passes away, a probate specialist in Market Harborough can assist family members with the probate process. In the case of someone who used a probate specialist to plan his estate and then passed away, the person's family might seek the assistance of that same probate specialist to file the appropriate paperwork in Probate Court to receive their inheritance or contest the executor. Probate counsel often handle tasks for family members, such as locating and securing assets, advising on final taxes, handling the deceased's chequebook, and settling negotiations between beneficiaries.
Is it possible to get probate without a will?
A person without a Will cannot get a Grant of Probate, but they can still administer the estate and distribute inheritance in some different ways. Upon death, intestacy rules determine who can apply for a Grant of Administration to administer the estate. When there is no Will to determine how assets should be distributed, the administrator distributes inheritance in accordance with the laws of intestacy. It is only possible to inherit under these rules if you are married, have a civil partnership, have children, or have other close relatives.
Conclusion
A probate specialist in Market Harborough aims to secure the assets of a deceased person's estate and distribute that inheritance promptly and fairly. Welland Valley Legal's probate counsel will draft a will and trust for their client and help distribute the inheritance among beneficiaries. The probate counsel will work on behalf of an estate of any size and complexity, including assets held in a bank account, investments, and real estate. A probate specialist also reviews and closes financial accounts and pays off debts.
Orignally Published at: https://sites.google.com/view/welland-valley-legal/blogs/the-role-of-a-probate-specialist
