News & Important Dates
Probate Delays
HMRC Probate are currently taking up to two years, causing financial difficulties, for some, where property is involved. Assets must be assessed for inheritance tax before probate can even be applied for and this tax must be paid within six months (to avoid interest charges), which could be before probate is granted. Some measures that can be put in place to at least be prepared for the probate process are:
Ensure you have a valid will and executors know where it is
Lasting Power of Attorney (LPA) ceases when donor dies, but can prove invaluable until then
Locate and make a list of all assets
IHT must be paid before probate is granted so file a tax return as soon as possible
Should you need help with any probate issues or If you would like help with probate or inheritance planning please contact Carolyn and Susie.
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