Before getting into the details about probate specialists, a brief discussion about Probate and the process’s working is a must. Probate is the process of managing a dead person’s entire estate. It involves organizing their assets, possessions, and money and distributing them as an inheritance – after settling taxes and debts.
If the dead person leaves behind a Will, the person mentioned in the Will will take care of the estate. This person is identified as the executor of the Will. Before the executor starts with the process, he/she must apply for a Grant of Probate.
What is Grant of Probate?
Grant of Probate is an essential legal document that gives the executor the authority to manage the deceased’s property and pass on the inheritance. Probate essentially ends when the debts and taxes are paid off, and all the inheritance is passed on. If you are unsure of probate laws Michigan, or in your area, it is advised that you seek legal advice from a professional attorney.
The Probate process
Every Will and every estate in concern is different. Therefore, the Probate process may vary at times, depending on Will’s instructions and the assets, beneficiaries, and creditors the estate has.
The basic Probate process for an executor is:
- Gather all the details about the estate’s debts and assets
- Apply for a Grant of Probate
- Complete the inheritance tax return and all the due taxes (if any)
- Receive the Grant of Probate after dealing of tax
- Repay the outstanding debts (if any)
- Distribute the rest according to the Will.
Probate can be a complicated process if there are unresolved disputes between the beneficiaries, executor, creditors, or HMRC. It is where these specialists will come to your rescue.
When does one need a Probate specialist?
These professionals specialize in dealing with matters related to Probate. They might be accountants, or solicitors, who generally charge a fee to deal with such issues. You may require the help of a specialist when:
- The estate’s value surpasses the Inheritance tax threshold, and the estate still has some tax dues.
- The deceased dies without a Will, and the management of the estate becomes complicated.
- There are doubts essentially about the validity of the Will.
- The dead has dependents that are deliberately left out of the concerned Will but may show interest in claiming the estate.
- The concerned estate has complex arrangements, like assets held in a trust.
- The estate is bankrupt (insolvent) or doubted to be.
- The estate includes foreign assets and foreign property.
As far as rate is concerned, some Probate specialists may charge an hourly rate or a fixed fee while others charge a percentage value of the estate as their fee. It depends on your requirements, so it is better to get in touch with a specialist for an exact quote.
Probate specialists are professionals who excel in helping with matters related to Probate. If you are an executor and face any complication in the process, it is best to take legal help from professionals.