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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 />

82

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