What happens when you lose a loved one?

By 18th September 2014 Uncategorised No Comments

Anyone who has been in this situation can understand the tremendous feeling of grief when you lose someone you are close to. But what happens if you also find yourself responsible for dealing with your loved one’s property and affairs after they have gone?

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 or the deceased’s next of kin who often appoint a professional firm, such as SWW Trust Corporation, to take on the responsibility. Probate is still required where there is no will although the process is known as Administration.

The executors have a number of responsibilities, including:

 Interpreting the will and ensuring that the wishes of the deceased as expressed in the will are carried out

 Identifying all the assets and liabilities of the estate

 Obtaining valuations of the joint and sole assets as at the time of death

 Ensuring that the estate of the deceased is handled efficiently and that the funds and assets in the estate including businesses, are properly managed

 Preparing tax returns for the deceased for Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax

 Settling all the debts of the estate including all taxes

 Completing and filing the relevant court forms

 Applying for Probate

 Preparing accounts for the beneficiaries and after payment of all claims, distributing

the estate.

All of this can be quite daunting, especially when you have to deal with it by yourself. SWW Trust Corporation can handle all of 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.

If you have recently lost a loved one and need some guidance call us today on 01522 687888 option 2 or email [email protected].

Our fully trained staff understand the difficulties of dealing with probate which is why they are on hand to help you, completely free and without obligation.

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