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Probate
>>> Steps in a Transaction
To
help you understand the procedures involved in
Probate, Powers of Attorney, Court of Protection,
Trusts and Wills, this page guides you through
the processes step by step. If there are any words
/ phrases you don't understand. click the button
entitled 'Glossary of Terms' in the lower menu
on the left for a definition.
PROBATE
. POWERS OF ATTORNEY .
COURT OF PROTECTION .
TRUSTS . WILLS
PROBATE
| 1. |
Taking
instructions and then finding out the value
of the assets in the deceased name. |
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| 2. |
Once
the value is known applying for the appropriate
Grant of Representation |
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| 3. |
Once
the Grant is obtained accounts can be closed
and sale of assets can take place. Liabilities
can be paid |
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| 4. |
When
all the assets and debts are paid the money
needs to be distributed to the beneficiaries |
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| 5. |
A
set of accounts is produced showing all the
assets liabilities income and how it has been
distributed |
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| 6. |
The
above looks simple but will be more time consuming
in large estates especially where Inheritance
Tax is payable. |
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| 7. |
The
length of time needed to obtain probate will
vary according to the circumstances of each
case, but normally probate would be obtained
in 6 to 8 weeks if no Inheritance Tax (IHT)
return is required. If the detailed IHT 200
Account needs to be completed for the Inland
Revenue it may take between 3 and 4 months
to obtain probate due to the need to obtain
valuations, complete the IHT account, liaise
with the Revenue, and pay a proportion of
tax due. |
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POWERS
OF ATTORNEY
| 1. |
Instructions
are taken from you as who you would like to
act an on what basis. |
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| 2. |
The
Power is drafted and sent to you for approval. |
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| 3. |
Approval
is given and changes made if necessary. |
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| 4. |
Arrangements
are made for the signing of the Power. |
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| 5. |
A
Photocopy of the signed Power of Attorney
is sent to you and the original put away in
our strongroom. It is kept free of charge.
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COURT
OF PROTECTION
| 1. |
Instructions
are taken from the proposed Receiver in order
to complete the forms. |
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| 2. |
A
Medical Certificate is obtained from the
Doctor and a fee paid.
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| 3. |
The
other forms are completed and sent off to
the Court with another fee.
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| 4. |
Certificate
of Service received from the Court and needs
to be served upon the Patient.
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| 5. |
The
Hearing will take place which does not need
to be attended.
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6.
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The
First General Order is received and the
Receiver opens up a Bank Account.
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| 7. |
The
Clients assets are then transferred into
the names of the Receiver with the Court
deciding what accounts should be closed
and where the money should be paid.
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| 8. |
Each
year a set of Accounts needs to be completed
for the Court.
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TRUSTS
| 1. |
Instructions
are taken from you wish to do and why. |
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| 2. |
The
Trust Deed is drafted and sent to you for
approval. |
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| 3. |
Approval
is given and changes made if necessary. |
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| 4. |
The
Deed is prepared for signature. |
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| 5. |
The
completed Deed is then put in our strong room
send all the Trustees a copy and keep it free
of charge. |
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WILLS
| 1. |
Instructions
are taken from you as to your wishes and advice
given. |
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| 2. |
The Will is drafted and sent to you for approval. |
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| 3. |
Approval
is given and changes made if necessary. |
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| 4. |
Arrangements
are made for the signing of the Will. |
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| 5. |
A Photocopy of the signed Will is sent to
you and the original put away in our strong
room It is kept free of charge. |
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Steps
in a Transaction - TAX
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