If ever you had been named as the executor of the will of a certain person, you will most likely have to apply for the grant of probate in order to start with your dealing with their estate. If there will be no will, the task now of dealing with the estate will fall under the closest relative of the person who is known as the administrator. If ever that will be you, you will require to apply for another grant and this is actually known as the letter for administration. But before you are going to apply for either type of the grant, you need to gather necessary information about the estate and then you have to send it to the Probate Registry. You can do this alone or you can simply hire for the solicitor in order to do this on your behalf.
Make sure that you worked out whether a certain letter of administration or grant of a probate is needed or not. You can ask for the advice from the probate solicitor or you can seek help from the HMRC if you are still in doubt about this one.
The second step is to value the estate if the grant of probate is needed. You need to go through the paperwork of the deceased person in order to work out with the total value of the estate, accounting for those liabilities, like the debts to be settled or the inheritance tax that is payable. You are required to send a copy of the death certificate and the copy of the will to any of the institutions that is holding some or all of the assets of the dead person and then request for the final statement from every single one of them.
Next, you need to work out whether the inheritance is already due or not yet. The inheritance tax can be due already if ever the estate can exceed the threshold or unless the exemption is applied. If ever the deceased is surviving spouse or a civil partner of the person who died before them, then the IHT threshold can be increased until it will include the spouse or the partner’s allowance. If ever this will be the case, you can be able to claim any of the unused IHT allowance on the basis of pro-rata.
Once you already have valued the estate and then you have already worked on whether the inheritance tax can be payable, you will then need to fill in some forms to be sent to the Probate Registry.