Probate and Executry Law UK is one of the most complex subjects in the study of law. Therefore, it goes without saying that if you are caught up in some kind of issue that involves Probate and Executry Law UK that you need the services of a professional Probate and Executry Law UK solicitor. With that said, most issues that involve this particular field of legal practice are actually not adversarial – which is a good thing. What this means is that you probably do not need to enter litigation and/or make any court appearances in most legal issues that involve Probate and Executry Law UK.
So what exactly is covered by this particular area of law? Well, there are several subjects tackled actually, but most of Probate and Executry Law UK deals with wills and the administration of estates after death. This means that this field of study is all about what happens to all the properties and finances that you ever held in your lifetime after you die. Now you might think that it’s as simple as writing everything down in a will, but there are actually several factors that you need to consider. For example, your estate may still be liable for inheritance tax, which will significantly reduce the amount of your properties that you can validly transfer to your beneficiaries. However, with the help of a professional solicitor, you can actually reduce or completely avoid the UK inheritance tax by making use of exceptions and keeping the value of your estate below the IHT (inheritance tax threshold). You also need to think about who will manage the settlement of your estate when you die. Usually, an uninterested third-party known as an executor is appointed as such.
Probate and Executry Law UK – What is probate?
Of course, before we get ahead of ourselves, let us clarify a few key terms first. So what exactly is meant by the term “probate?” Simply put, the act of probate is the act of getting the permission of the court to act upon the will of the deceased, rounding up all the properties and other assets, paying off debts and then distributing the proceeds of the estate to the beneficiaries as laid out in the will. Without probate, then neither the administrator nor an executor (if any) of the estate have any authority to dispose of the estate of the deceased. To put it simply, probate is the entirety of the duties and responsibilities that the law imposes upon an administrator or an executor of an estate.
What is the difference between the administrator and executor of the estate?
This is simply a matter of whether the deceased died without a will or not. If the will died intestate (without a will), then the person charged with handling the settlement of the estate will be determined by the court and is called an administrator. On the other hand, if the deceased died testate (with a will), then the executor/s (there may be more than one) as listed in the will are charged with handling the final settlement of the estate upon recognition by the court.