Here at littlebitsoflaw, we always say that Probate means ‘Permission’. Let’s explain why…
When someone passes away, their possessions (money / property / furniture / investments etc), known as the person’s ‘Estate’, will need to be organised.
By organised, we mean
- Identifiying and valuing the Estate
- Paying debts
- Paying inheritance tax (if any is due)
- Distributing what’s left of the Estate to Beneficiaries.