If for instance you have been assigned as an executor for the will of a certain person, you will need to apply for the grant of the probate to begin on dealing with their certain estate. If there will be no will, the task now of dealing with the estate will fall under the closest relative of the person who is known as the administrator. You have to apply for a different grant which is known as the letters of administration if that person will be you. Prior to application of either type of grants, you need to gather the necessary information about the estate and have to send it to the Probate Registry after. You can do this alone or you can simply hire for the solicitor in order to do this on your behalf.
First step is to work out a certain grant of probate or the letters of recommendations will be needed or not. If ever you are in the doubtful level, you need to seek for the advice from the probate solicitor or the HMRC.
The second step is to value the estate if the grant of probate is needed. You need to go through the paperwork of the deceased person in order to work out with the total value of the estate, accounting for those liabilities, like the debts to be settled or the inheritance tax that is payable. It is required to send a copy of the death certificate as well as the copy of the will to any institutions that are holding the assets and the final statement of every one of them.
Next, you need to work out whether the inheritance is already due or not yet. Sometimes, the inheritance tax or the IHT will actually be due once the value of the estate can exceed the threshold. If ever the deceased is surviving spouse or a civil partner of the person who died before them, then the IHT threshold can be increased until it will include the spouse or the partner’s allowance. You can be able to claim the unused IHT allowance once this will happen and on a pro-rate basis.
You can now fill in some number of forms that will be ready to be sent to the Probate Registry once you already have valued the estate and have worked out either the inheritance tax is payable or not.