Wills, Trusts & Estates FAQs in Northampton

You will firstly need to obtain valuations of assets and liabilities as of the date of death and calculate the overall gross value of the Estate as well as net value of the Estate. Thereafter, you will deduct available allowances (Nil Rate Band and Residence Nil Rate Band and transferrable allowances if applicable). If the value of the net estate exceeds the available allowances, Inheritance Tax will be payable.

Yes, the Grant of Probate is required to sell property in Northampton as well as in the whole of England and Wales.

The time to obtain a Grant of Probate will depend on the complexity and the value of the estate, and if inheritance tax is payable. At the moment Grants of Probate are taking on average of 16 weeks to obtain once applied for.

To calculate the value of an estate, you will need identify the deceased’s assets and their date of death value. Assets include property and land, bank accounts and investments, business interests, as well as personal belongings such as a car. Once you have this figure you will take away the deceased’s liabilities such as funeral costs, debts and outstanding bills. This is something you can do yourself or instruct a solicitor to do on your behalf. Other professionals will also be able to help, for example an estate agent would be able to carry out a property valuation.