In a piece for the Daily Telegraph, Senior Money Reporters Marc Shoffman and Charlotte Gifford delved into the probate process, a critical step in managing and distributing a deceased person's estate.
Peter Steen, Partner at Mishcon de Reya, provided further insights into the complexities of probate: “If all of the assets in the estate were jointly held with a spouse, in which case the assets pass automatically to the surviving spouse; or if a bank account balance is below a certain value, in which case the bank may be willing to release the balance. On the other hand, if the estate includes a property in the deceased’s sole name, there will be no option but to obtain a grant.”
The article outlines the seven key steps in the probate process, including registering the death and paying IHT.
Read in full.