Probate solicitors help people with everything that has to do with their estate – from drafting their will to ensuring that it is executed lawfully after their client’s death. Probate solicitors can also offer advice on the different taxes that apply when someone dies and ensure that the interests of underage children are met.
Probate solicitors in Portsmouth – such as Andrew & Andrew – have to deal with a lot of legal paperwork, a task that can be daunting for many people. When someone dies, even if they have left a will, there is a need to go through all their documents, since even the smallest detail can have a significant impact on the sharing of their estate. For this reason, probate solicitors in Portsmouth are organised, pay attention to detail and can handle the complex bureaucracy that comes after a death.
How is the estate valued?
In legal terms, the ‘estate’ describes the market value of the deceased the day they died. This market value can include their house, bank accounts, land, gold, jewellery or any other assets, whether material or not. In general, the valuation of the estate is a straightforward procedure, but needs to be done by a professional for a more accurate estimation. Probate solicitors in Portsmouth can help even in complex cases, where shared property and taxes are involved.
What is inheritance tax?
Not many people know that inheritance tax has to be paid only if the value of the deceased’s estate is equal or greater compared to the inheritance tax threshold. If it is applicable, inheritance tax must be paid within six months of the death of the owner of the estate and it can be paid in instalments. Probate solicitors in Portsmouth will explain how inheritance tax and other taxes applicable to the estate works and will take care of the legal paperwork.
What if the deceased has debts?
If the deceased has left debts on mortgages, loans, credit cards, outstanding bills and/or friends and family, relatives are advised to advertise the death and ask for claims to come forward within a specific time period. This can protect them against any future claims from unknown creditors.