The passing of a loved one is undoubtedly one of life’s most challenging moments, shrouded in grief and emotional turmoil. Amidst this difficult time, the legal process of handling their estate can become an overwhelming burden. Dealing with probate, the process of settling a deceased person’s affairs and distributing their assets, often proves to be a complex and intricate journey that many individuals find hard to navigate. From legal complexities to emotional hurdles, there are multiple aspects that make dealing with probate a daunting process. Understanding these challenges will hopefully make you realis that sometime hiring an inheritance company is the best option.
Do You know the rules of intestacy?
When a person dies without a valid Will, we consider them to have died intestate. In cases where an apparent intestate estate arises, the initial step usually involves a thorough search for a Will. This search includes contacting local Solicitors, Will Writers, and National Will Registers. If the search yields no results, it is generally assumed that the deceased indeed died intestate. In the absence of explicit instructions on how to distribute their assets or property, the rules of intestacy come into effect to determine the distribution. The rules of intestacy are as follows:
- Spouse or civil partner
- Issue (children/grandchildren/great grandchildren, etc.)
- Parents
- Brothers and sisters – full-blood and then half-blood (or their issue if they’ve predeceased)
- Grandparents
- Uncles and aunts – full-blood and then half-blood (or their issue if they’ve predeceased)
You must ensure that you distribute the estate correctly in accordance with the laws of intestacy. Failure to do can have dire consequences for those who have handled the estate. Those who may not have been included in the estate distribution can take legal action as part of this. If you do not have MBI insurance, you will need to repay the sum to the missing beneficiary. Of course mistakes can be made when you are not an expert in this field. However, the laws are unforgiving.
Unknown Assets
Not only must you ensure the accurate allocation of assets to the rightful recipients, but you must also embark on the task of identifying any assets associated with the deceased – whether known, misplaced, or unclaimed. Often, this endeavor begins with only scanty details to work with. The objective is to establish a comprehensive understanding of the estate’s total value, a crucial step to both optimize its worth and preempt any potential issues concerning Inheritance Tax in relation to HMRC. This process can occasionally be time-intensive and overwhelming, particularly when there is minimal or no information available regarding the deceased’s possessions.
Engaging a specialist grants access to databases that yield exhaustive and precise insights into all owned assets. This not only safeguards your interests but also shields your client from potential future claims against the estate. Employing an inheritance company like Blanchards empowers you to be certain no assets have been missed. This serves as a safeguard in cases where additional assets come to light at a later point or if disputes regarding Inheritance Tax arise with HMRC.
The strengths of using an inheritance company
An inheritance company is undoubtedly the best route when handling an estate. Here are the reasons why a company like Blanchards are the best route for dealing with your estate.
Expertise: Inheritance companies typically have professionals with expertise in legal, financial, and administrative matters related to estate planning and management. They are well-versed in the complexities of inheritance laws, tax regulations, and other intricacies that can arise during the estate settlement process. However the real expertise lies with our niche and specialist skills in genealogy. Inheritance companies like Blanchards have genealogists with decades of experience ensuring our family trees are correct and the case can progress smoothly.
Moreover, the task of tracing said beneficiaries is also difficult and lengthy process. Such a job required not only niche skills but also software and resources that only inheritance companies and legal professionals have access to.
Minimizing Legal and Tax Issues: Estate planning and inheritance laws can be complex and vary by jurisdiction. Inheritance companies can help ensure that the estate is distributed according to the deceased’s wishes while minimizing potential legal disputes and tax liabilities.
IHT threshold: Blanchards also cover inheritance tax if the estate is over the UKs £325,000 threshold. Inheritance tax is taxed at 40% when exceeding this threshold which is a huge sum of money for everyday people. When administering an estate, Blanchard cover this, taking the sum back from the estate after distribution, so you would never have to pay this form your own pocket.
Asset Management: Estate management often involves handling various assets, such as real estate, investments, bank accounts, and personal belongings. Inheritance companies can provide guidance on how to manage and distribute these assets in a way that aligns with the deceased’s intentions.
Executor Duties: If you’ve been appointed as the executor of an estate, you’ll have numerous responsibilities, including handling legal paperwork, managing finances, and distributing assets. An inheritance company can assist you in fulfilling these duties, ensuring that you meet legal requirements and deadlines.
Objective Decision-Making: Dealing with the distribution of assets and belongings after the passing of a loved one can be emotionally charged. Inheritance companies can provide an objective perspective, helping to mediate potential conflicts and make rational decisions during an emotionally challenging time.
Time and Convenience: Settling an estate can be time-consuming and involve a substantial amount of administrative work. Inheritance companies can handle many of these tasks, freeing up your time and energy to focus on other important matters.
Customized Solutions: Every estate is unique, and there is no one-size-fits-all approach to estate planning and management. Inheritance companies can tailor their services to the specific needs and wishes of the deceased and their beneficiaries.
Communication and Mediation: When multiple beneficiaries are involved, conflicts can arise over the distribution of assets. Inheritance companies can facilitate communication, mediate disputes, and work towards consensus among beneficiaries.
Privacy and Confidentiality: An inheritance company can help maintain privacy and confidentiality, as sensitive financial and personal information is often involved in estate matters.
Continuity: In cases where the estate involves ongoing business interests, real estate investments, or other complex assets, an inheritance company can provide continuity by managing these assets in accordance with the deceased’s intentions.
It’s important to note that whether you choose to involve an inheritance company depends on the complexity of the estate, your comfort level with managing the estate on your own, and the specific laws and regulations in your jurisdiction. Consulting with legal and financial professionals can help you make an informed decision based on your unique circumstances. If you need assistance in dealing with an estate, please complete our form below or contact us.
