Taunton and South Somerset Living Apr - May 2020
With Easter on the horizon, we celebrate the arrival of spring! With an interview with chef James Martin, a host of seasonal recipes, travel inspiration, what's on and home renovation inspiration, this issue is a glorious read - perfect with a cuppa and a hot cross bun!
With Easter on the horizon, we celebrate the arrival of spring! With an interview with chef James Martin, a host of seasonal recipes, travel inspiration, what's on and home renovation inspiration, this issue is a glorious read - perfect with a cuppa and a hot cross bun!
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what is probate?<br />
Probate is the process of administering a<br />
deceased person’s estate...<br />
ADVERTISING FEATURE<br />
Probate involves: -<br />
• gathering details of their assets <strong>and</strong> debts;<br />
• completing an Inheritance Tax return <strong>and</strong> paying any tax (if<br />
required);<br />
• applying for a Grant (of Probate) which is the official<br />
document that confirms the Executors or Administrators<br />
position (if necessary);<br />
• gathering in assets, settling liabilities <strong>and</strong> debts;<br />
• distributing the estate in accordance with the Will or the<br />
laws of Intestacy.<br />
The process can take approximately a year in most cases, but<br />
depends on size <strong>and</strong> complexity of the estate.<br />
Only the executors in the Will can apply for Probate (but not all<br />
of them need to do so). If no executors then rules determine who<br />
can apply to administer the estate. If there is no Will then the laws<br />
of Intestacy set out who can apply to administer the estate with a<br />
Grant (known as a Grant of Letters of Administration).<br />
Leaving a Will ensures your affairs are taken care of after death<br />
but consider what happens if you are unable to manage your<br />
affairs in life.<br />
To enable somebody to manage your financial affairs <strong>and</strong> welfare<br />
requires what is known as a Lasting Power of Attorney (“LPA”);<br />
this allows you to appoint someone to be your “attorney” if<br />
declining health prevents you from managing your own affairs<br />
<strong>and</strong> finances. There are two: -<br />
(i) Property & Finance which allows you appoint individual/s to<br />
make decisions i.e. help managing your finances. Attorneys<br />
can help you at your discretion whilst you still have capacity <strong>and</strong><br />
continue if you lose capacity.<br />
(ii) Health & Welfare only to be used if you lose capacity to make<br />
decisions for yourself. Attorneys make decisions relating to<br />
personal care, accommodation, medical consents etc.<br />
It is worth considering how LPAs can protect your business<br />
interests. With an LPA, you can appoint someone who you trust<br />
to think like you <strong>and</strong> make decisions you would make. You can<br />
make an LPA for this separately from personal LPAs.<br />
Contact <strong>Taunton</strong> Solicitors for further information:<br />
info@tauntonsolicitors.com 01823 351122<br />
www.tauntonsolicitors.com<br />
<strong>Taunton</strong><br />
SOLICITORS<br />
Legal Services <strong>and</strong> Advice<br />
BUYING AND SELLING<br />
PROPERTY<br />
SHARED OWNERSHIP<br />
HELP TO BUY<br />
FAMILY LAW<br />
& DIVORCE<br />
LASTING POWERS OF<br />
ATTORNEY<br />
COMMERCIAL<br />
PROPERTY<br />
WILLS<br />
PROBATE & TRUSTS<br />
Visit our website for discounts <strong>and</strong> costs www.tauntonsolicitors.com<br />
2 hours free client car parking<br />
Ground floor office, disabled parking <strong>and</strong> facilities <strong>and</strong> private meeting rooms<br />
2 Tangier Central <strong>Taunton</strong> TA1 4AP<br />
Call our office for more details 01823 351122<br />
Email: info@tauntonsolicitors.com<br />
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