Professional Executor and Trustee Services
How does Probate work in Practice?
Probate is the process to establish ownership of an estate before the tax is paid and the assets distributed. The responsibility for probate lies with the executors of a Will who often appoint a professional firm, such as the SWW Trust Corporation to take on the responsibility. Probate is still required where there is no will although the process is known as Administration.
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Interpreting the will and ensuring that the wishes of the deceased as expressed in the will are carried out;
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Identifying all the assets and liabilities of the estate;
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Obtaining valuations of the joint and soley owned assets as at the time of death;
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Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including and business assets are properly managed;
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Preparing tax returns for the deceased for Inheritance tax, capital gains Tax, Income Tax and Stamp Duty land Tax;
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Settling all the debts of the estate including all taxes;
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Completing and filling all the relevant Court forms;
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Applying for Probate; and
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Preparing the accounts for the beneficiaries and after payment of all claims, distributing the estate
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SWW Trust Corporation can handle all these responsibilities and can support you with Probate, whether or not we are named in the will as an executor and even where there is no will.
As part of our Probate service, we will:
- Take on all the responsibilities of the executors;
- Assume all the potential liabilities from the executors;
- Value and collect in all the assets;
- Apply to the Court for Probate;
- Handle the valuation and sale of any properties,m and if necessary arrange clearance;
- Distribute all the assets;
- Pay the Inheritance Tax and other due taxes;
- Produce the estate accounts
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You will be allocated an Estate manager who will see the process through from start to finish, whether you are dealing with probate in its entirety or being on hand to help you deal with the estate.