Probate
Dealing with the estate of a loved one who has died involves a
great deal of work and expertise. The person who undertakes this
(normally an executor) is responsible for identifying, valuing and
collecting in all the assets of the estate, filing accounts with H M
Revenue and Customs and paying all inheritance tax that is due. The
executor obtains a grant of probate authorising him or her to deal with
the estate, completing estate accounts and distributing the assets
Powers of attorney
A power of attorney is a written document by which one person gives
to another authority to deal with their financial affairs. This is
useful for example to cover lengthy trips abroad. To deal with the
finances of a person who no longer has the mental capacity to do so
themselves an enduring power of attorney (EPA) is required.
If you are considering granting an EPA do not leave it too late. An EPA is intended to continue to be effective even if the person who granted it has become mentally incapable of managing their affairs. If there is no EPA in existence at that time then the only choice is to apply to the Public Guardianship Office (also called the Court of Protection) for a court order appointing a relative or other person to act on their behalf. However, this procedure is expensive and time consuming and best avoided if possible.
We can assist with the preparation and registration of powers of attorney and also applications to the Public Guardianship Office. Our fees are normally fixed quotations or as specified by the PGO.
For all probate and power of attorney enquiries, please contact colin.thorpe@taylorwillcocks-cheam.co.uk.