Dealing with someone’s estate begins with a probate application. However, the government must comprehensively understand the estate’s value to authorise your grant. It includes real estate, obligations, bank accounts, pensions, and other financial assets.
It’s a good idea to compile this information in advance to make the probate application process as simple as possible. This manual covers a wide range of topics, from locating someone’s Will to valuing their property for probate.
It is advised that when someone creates a will, they let their executors know where the Will is maintained. It makes managing their estate easier. But if you’re the executor and need to know where the Will is kept, you must find it as soon as possible.
The majority of people store their Wills along with other crucial financial documents. The best place to start is if your loved one has a safe or an office with a filing cabinet. It should be noted that the document you locate might be a copy of the Will was drafted with a solicitor or bank. To access the original Will, contact the individual or organisation that wrote the testament.
You could contact them to inquire about probate cost in NSW and if the Will is nowhere to be found, but you believe it was created with a specific organisation. Alternatively, you can check with Certainty, a National Will Register that offers will searches, to discover if the Will was lodged with the Principal Registry of the Family Division.
You have 28 days from the time of death is reported to use the Tell Us Once service provided by the government. It enables you to notify several government agencies.
- HM Revenue and Customs (HMRC) handles personal taxes (you must speak with HMRC separately for company taxes, such as VAT).
- To terminate benefits and entitlements, such as Universal Credit or the State Pension, contact the Department for Work and Pensions (DWP).
- To cancel a British passport, contact the Passport Office.
- To cancel a licence and remove someone from being the keeper of up to 5 vehicles, contact the Driver and Vehicle Licencing Agency (DVLA) separately (contact DVLA individually whether you keep or sell a car).
- Local Council: to inform council housing services, terminate Housing Benefit, Council Tax Reduction (also known as Council Tax Support), a Blue Badge, and remove the individual from the voter list.
- Veterans UK will stop receiving payments under the Armed Forces Compensation Scheme.
Your loved one’s assets may have been listed in their Will if they had one. It isn’t always the case, so you might need to explore the house to find any assets or debts they may have had.
Sideboards, nightstand drawers, and kitchen drawers are all worth inspecting, as are office spaces, safes, and filing cabinets. If you’re having trouble finding the information you need, look through their wallet to see which bank they use. You can check their emails if you have access to their phone or computer. Going through their bank statements is also worthwhile because it can reveal more companies that should be contacted.
After compiling a list of their assets and liabilities, you must get a final statement from each company before probate application. It is done to determine each asset’s worth and any debts’ existence. Most of your purchases will then be frozen until you receive a grant of probate or letters of administration. You will also be requested to produce a copy of the death certificate.
The executor is in charge of safeguarding the estate’s assets. Make sure that your home is insured and that the insurance company is notified of your loved one’s passing as a first step.
Once you are satisfied with the scope of the coverage provided by your home insurance, you should work to secure your home or homes to deter theft and break-ins. Ensure that all of the windows are shut, and lock any doors, garages, sheds, or outhouses. Additionally, if there are any treasures present, such as jewellery or antiquities, they can be gathered and stored until it is time to deliver them to the intended recipients.
Obtaining a property value is the following action to take. You might be able to determine the house’s value by checking the address and comparing the prices of nearby homes. However, if inheritance tax is a problem, you might be better off seeking an expert valuation.
Everyone requests to see a copy of the death certificate, as you’ll discover while learning about for probate and probate cost in NSW. A photocopy won’t do; you’ll need a genuine government-issued document. Banks, the Land Registry, other investment firms, and websites. The list continues. In due order, you can recover this from the decedent’s estate.
Be on the lookout for incoming correspondence once you send out death certificates and notify persons of the death. For instance, the DWP or a pension provider might have sent money after the deceased person passed away and demanded repayment. In due course, this can be reimbursed from the estate.
Major banks and building societies offer a comparable service known as the collective notification service. The account numbers and sort codes are still necessary. Therefore, you must be aware of where to look for them. Non-participating banks and organisations will still require individual copies of the death certificate. In either case, the banks will contact you in a week or two to discuss the next steps.
One of the most critical steps in managing a decedent’s estate is requesting probate. It is crucial to consider legal requirements, estate size, and potential difficulties carefully. The frequently complex and emotionally taxing probate process can be simplified by seeking legal advice and strictly following the rules.