Probate means taking care of a dead person’s estate.
The probate involves:
- valuing their property and other assets
- paying any leftover debts and mortgages
- paying Inheritance Tax (IHT) if the estate is over the IHT threshold (£325,000 in most cases)
- distributing whatever is left of the deceased’s wealth to any beneficiaries as inheritance.
The executor of the will usually does the probate if the deceased left a will and named someone. Otherwise, the beneficiaries (often the family) can appoint a lawyer or another person to do the probate.
Hey there! We really hope this article helped you. Tax matters can be a dreadful topic at times. We know. That's why we started TaxScouts.
A stress-free way to getting your taxes done.
Have a minute? See how it works