If you are named in someone's will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died, according to the instructions in the will.
The word ‘probate’ comes from the Latin verb ‘probare’ to try, test, prove, examine and the earliest usage in England was in 1463 when it was defined as ‘the official proving of a will’.
The keeping of wills and probate documents began as early as the 11th century, but there are few records before 1400. Before the Statute of Wills was established in 1540, it wasn’t generally possible to bequeath land to people – it simply went to descendants. If a person didn’t have family, then it went to the Crown. The Statute of Wills stated that a will must be signed and then witnessed by two people – something which survives to this day.
Until 1858, probate was handled by the ecclesiastical courts, although there was a period during the Civil War when Parliament abolished these courts. In 1858, the Principal Probate Registry (PPR), a civil government service, replaced all earlier probate courts.
In days gone by wills were primarily made by the middle and upper classes, who had land and wealth of some description to pass on to future generations. The majority of wills were left by men and, before 1882, a wife who died before her husband could not make a will except with her husband’s consent.
Recent statistics (YouGov) showed that around 54% of UK adults do not have a will and, back in history, people were just as disorganised! In fact, many didn’t make a will until they were on their death bed. The ones who did write wills, typically did so ahead of leaving home to take part in a military campaign or before going on a long sea voyage. Of course, many deaths happened suddenly and, if that person didn’t have a will in place, the family were left with the task of applying for letters of administration.
At Charter Tax, we often work with families on Inheritance Tax Planning and it’s interesting to note that probate duty was first introduced as part of the Stamps Act 1694, to help finance England’s involvement with the War of the League of Augsburg. It originally applied to all probates of wills and letters of administration for personal estates valued at more than £20. It became a graduated rate in 1780, this time to finance British activity in the American Revolutionary War.
Nowadays, probate can be a time-consuming and often complex process. It can be completed by an individual but, as it is largely an accounting and taxation exercise, at Charter Tax, we are well-placed to provide support, at a time when you need it most.
We are licenced to carry out probate and estate administration work and , with a team which includes both chartered accountants and chartered tax advisers, you can be confident that we have the specialist knowledge required to handle the tax affairs of the deceased and their estate.
“Our understanding of financial documents, particularly when it comes to calculating inheritance tax, income tax and capital gains tax, means we can carry out the probate and estate administration work quickly and efficiently,” explains Mark Howard, Principal at Charter Tax.
As a chartered accountancy firm, Charter Tax is also able to advise on a client’s future tax position and assist with any tax planning and tax compliance that may be required.
Charter Tax offers an initial discussion, at no cost, about how we can help. Please contact Mark Howard at mark.howard@charter-tax.com or Jane Hodge at jane.hodge@charter-tax.com or call on tel: 01580 313108.
To read more about Charter Tax’s probate service, click here: https://www.charter-tax.com/our-services/probate/
