FAQs
Does a Missing Asset search have legal implications?
Yes. A Missing Asset search ensures your compliance with HM Revenue and Customs (HMRC). Once you have confirmed that you have located all assets, you can fill in HMRC forms correctly. Incorrectly completed HMRC forms can incur penalties. Therefore, a financial asset search mitigates HMRC fines for understating inheritance tax.
What is a Grant of Probate/Letters of Administration?
A grant of probate confirms the authority of an Executor to administer and distribute the estate of someone who has died. If there was no will, you’ll apply for letters of administration instead.
I don’t know if I need Probate. Can I still use your service?
Yes. Our Free Account Support service includes notifying companies of a death, stopping post and instruction for account closure, transfer or freeze. You can upgrade later if we determine that probate is required. If the Estate is not being passed to a surviving spouse, a home is being sold, there are financial accounts worth a significant amount or there are stocks and shares, it is likely that Probate will be required. If you are unsure whether you need Probate, speak to a member of our specialist team today.
When is Probate not required?
You will probably not have to apply for Probate if any one of these conditions apply to the estate: Joint assets Only: If the estate is worth less than £1 million and is being passed to a spouse, civil partner, or charity Less than £5,000: The value of everything that the deceased owned in their own name is worth less than £5,000: or There were only savings and no other assets such as property, vehicles etc. Provided that you are either named as an Executor, or you have permission from the other next of kin, you can distribute the assets [...]