Tenancy Agreements

Probate (known as confirmation in Scotland) is the legal process of obtaining the authority required to deal with the money, property and possessions of someone who has died.

The wider process is known as estate administration. It involves identifying and collecting the deceased's assets, paying outstanding debts and taxes, and distributing the remaining estate to the people entitled to inherit under the Will or the rules of intestacy (where there is no valid Will).

The people responsible for administering the estate are known as personal representatives. In England and Wales, they are generally called executors if appointed under a Will, or administrators if appointed by the court...

When someone dies, their executors or administrators (known collectively as personal representatives) are responsible for identifying the assets and liabilities of the estate and establishing their value at the date of death.

For inheritance tax purposes, assets are generally valued at their open market value at the date of death. This means the price they might reasonably have been expected to fetch if sold on the open market at that time.

To help you with the probate process, here is a list of commonly owned assets and how to go about valuing them...

When someone dies and you are faced with administering their estate, one of the first decisions to consider is whether to appoint a professional to help or deal with the administration yourself.

Whether you undertake the tasks involved in administering the estate or instruct professional advisers is generally a matter of choice, depending on the complexity of the estate, your experience and the time you have available.

Reasonable professional fees and expenses properly incurred in administering an estate can generally be paid from the estate, subject to the terms of the Will and applicable legal requirements...

When someone dies, one of the important responsibilities of the personal representatives is to identify the assets and debts of the deceased.

An executor is appointed under a Will, while an administrator is appointed by the court where there is no Will or no executor able to act.

It is important to establish the value of the deceased's assets and outstanding liabilities at the date of death. This information will be needed when completing the probate or confirmation application and calculating whether Inheritance Tax is payable...