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Probate
and Wills
>>> Frequently Asked Questions
1.
How long does it take to get Probate?
This
depends largely on whether it is necessary for
an Inheritance Tax Account to be prepared for
Revenue & Customs. If the value of the estate
exceeds the point at which an IHT Account is required,
then it will be necessary to check the date of
death values of all assets of the estate and that
might include obtaining a written valuation for
a house or land.
If
the assets of the estate are clearly below the
point at which an IHT Account is required, then
it may not be necessary to obtain formal valuations
and in these circumstances it should be possible
to obtain Probate in four to six weeks.
In
cases where an IHT Account is required, together
with valuations, it may take three to four months
to obtain Probate.
These
time estimates are not an exact science. They
are bound to vary according to the circumstances
of each particular case.
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2.
How long does it take towind up an estate?
In
a simple case it could take from a month to six
months. Complex cases can take up to three years.
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3.
When can the first money be paid out?
Usually
money due under a legacy can be paid within in
month of the Grant being obtained. An interim
distribution to other beneficiaries can usually
be made at the same time.
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4.
What papers do BS&I need to act?
We would need passbooks and bank statements of
accounts in their sole name, details of or the
certificates of shares, details of any ownership
of land or houses and any other assets in their
sole name along with information on joint assests.
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5.
When should I start to deal with matters?
There
is no rush usually people leave the legal and
financial affairs of the deceased to be sorted
out after the funeral.
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6.
How long does it take from the first appointment
to signing?
This
is really up to you. The usual length of time
is from 2 weeks to a month although in an emergency
it can be done more quickly.
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7.
How long would the first appointment take?
Taking
instructions usually takes about 20 minutes.
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8.
What information should I bring with me?
The
full name and address of yourself the people you
wish to appoin & your date of birtht.
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9.
Does it have to come into effect now?
No
most people do not use the Power of Attorney now
but store it in our strongroom free of charge
until it may be needed.
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10.
I want to make sure my children get the money
after my wife has died can I guarantee this?
This
is very easy to do and would be a life time trust.
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11.
I wish to give some money to my grandchildren
but don't want them to have access to the money
until they are older?
Again
very simple an Accumulation and Maintenance Trust
is used and the children only get their money
at 18 or 21 or 25 years.
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12.
I have a disabled child can I put money into trust
for them?
Yes
you can.
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13.
How long does it take from the first appointment
to signing?
This
is really up to you. The usual length of time
is from 2 weeks to a month although in an emergency
it can be done more quickly.
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14.
How long would the first appointment take?
Taking
instructions usually takes from 20 minutes to
45 minutes depending on how complicated your affairs
are.
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15.
What information should I bring with me?
Details
of your assets in general ie how much your house
is worth, how much cash you have, how much any
stocks or shares are worth. And idea of who you
would like to act as the Executors and who you
wish to leave your money to. If you don't have
some of these answers then this is not a problem.
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16.
I am about to get married should I write a Will
now or after?
Wills
can be made in anticipation of marriage so are
best made before hand once a date is set.
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17.
I am getting divorced should I wait until the
it has gone through?
No once you have started the process you should
look to change your Will otherwise your soon to
be ex-spouse could take everything if you die.
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18.
How long does it take to get a First General Order?
This largely depends upon how complicated the
Patients affairs are but would usually take about
six months.
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19.
When can money first be paid out of the Patients
affairs?
It is possible when sending the Application to
the Court to ask for an urgent Order to release
money to pay for outstanding bills including Nursing
Home fees.
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20.
What papers do BS&I need to act?
We would need Pass Books, Bank Statements of Accounts
in their sole name, details of Share Certificates,
Ownership of Land and any other assets in their
sole name as well as information relating to joint
property.
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21.
When should I start dealing with matters?
Usually some event occurs a fall or sudden illness
which brings matters to a head, and given the
time it takes to obtain the Order for the Receiver
to be able to have access to the Patients affairs
action should be taken sooner rather than later.
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22.
How long will the first appointment take?
Taking instructions usually takes from forty five
minutes to an hour depending on how complicated
the affairs are.
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