Categories Probate

Understanding Probate

Once a person dies, their Will goes into probate. This is the process where the Executor(s) of the Will applies to get a ‘Grant of Representation’ or a ‘Grant of Probate’ to access the estate of the deceased person and distribute everything according to the Will left.

You can apply for the Grant of Probate, as can a solicitor on an individual’s behalf, or an external person licensed to provide a probate service.

Probate can sometimes be a confusing process, to make things easier to understand, we’ve broken the process down.

The process of probate can be broken down in 5 steps:

1. You will need to check that there is a Will in place. This will normally detail who should be the Executor of the Will; if not, you will have to apply for the Grant of Representation.

Should there be no Will at all, the next of kin can then apply for ‘Grant of Letters of Administration’ and become an ‘administrator’ of the estate.

2. Apply for probate, or Grant of Representation. This will give you legal access to the person’s estate.

3. Pay any Inheritance Tax that is due, as well as any unpaid debts.

4. Collect all of the estate’s assets, such as money from the sale of the person’s property.

5. Distribute the estate, according to the Will, to all beneficiaries listed in the Will.

We know that the process of probate can be long and sometimes stressful, we at Abacus Wills and Trusts can put you at ease and guide you through the process, as well as being able to help and advise you in appointing Executors in your own Will.

If you have any questions or queries on the process of probate, or if we can help in any way, please don’t hesitate to contact us.

Categories Trusts

What are the main Trust types?

As specialists in our field, we understand that the terminology and vast amount of information on Trusts can sometimes be a daunting task, particularly with the gravity behind making decisions on trust funds.

For this reason, we’ve broken down the main types of trust funds for you below.

The Main Types of Trust Funds:

• Interest in Possession Trusts – The trustee must pass on all trust income to the beneficiary as it becomes available

• Discretionary Trust – The trustee can make certain decisions, based on their discretion, about how to use the income and occasionally capital in the Trust.

• Bare Trust – Is where the beneficiary has a right to both income and capital if over the age of 18.

• Accumulation and Maintenance Trusts (or A&M trusts) – Are types of discretionary trusts, where the trustees can accumulate income and add to the capital within the Trust for the benefit of children (under the age of 18).

• A Living Trust – Is ideal for those who have complex financial or personal situations. They can be updated (if revocable) as circumstances change or arise. Find more information here on living trusts on our living trusts page.

• A Pilot Trust – Allows an individual to receive funds or the estate from a legacy in their Will once they die. You can find more information on pilot trusts on our pilot trust page here.

• Bereaved Minors Trust – Is a trust for those under the age of 18 who have lost at least one parent or step parent.

• Trusts for Vulnerable People – To qualify for this kind of trust, the beneficiary must be under the age of 18 and has a deceased parent or is disabled. For more information on this, please contact us.

For more information or to talk to us further about creating a trust fund, please don’t hesitate to contact us. We are able to come to you, in the comfort of your own home, and your convenience.

Categories Wills & Estate Planning

Writing Your International Will

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Many ex-pats or those who live abroad with family living in the UK require Wills that are applicable not only to English law, but also adhere to the law of the relevant country.

We know that the fun of living abroad can detract from the reality of creating solid legal documentation, so you’ll find below a few things to bear in mind when thinking about creating your foreign Will.