The costs of winding up someone's affairs after they die
Money Box
BBC
4.2 • 825 Ratings
🗓️ 3 April 2019
⏱️ 34 minutes
🧾️ Download transcript
Summary
Have you had to cope with sorting out a loved one's financial affairs after they die? The process is called probate or 'confirmation' in Scotland. It's a complex process, involving getting documents from financial institutions, valuing assets and perhaps even selling a house. It all comes at a time when relatives or friends may be feeling at their most vulnerable. Fees to apply for the probate process in England and Wales are due to rise sharply in many cases, subject to Commons approval, in the spring.
Join Adam Shaw and expert panel to share your experiences of dealing with a loved one's financial affairs.
Guests
Helen Stewart, head of probate and partner at Thomson, Snell and Passmore Alan Barr, partner at Brodies and co-author of Drafting Wills in Scotland. Sarah Pennells, founder of financial website, Savvywoman.co.uk
Transcript
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| 0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
| 0:05.4 | My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds. |
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| 0:35.0 | check out BBC Sounds. |
| 0:41.3 | BBC Sounds, music, radio, podcasts. |
| 0:49.1 | Many thanks, hello. The cost of dying is set to rise under new regulations in England and Wales, |
| 0:52.5 | due in shortly, which will increase the price of probate. |
| 0:57.7 | Probate is the legal process in which an executor of her will gets permission to carry out the instructions of that will. |
| 0:59.1 | In plain English, what we're talking about here is the process of sorting out someone's |
| 1:03.3 | financial affairs after they've died. |
| 1:05.8 | That's going to include, in some cases, paying inheritance tax, |
| 1:09.0 | passing on money to family and friends, and paying any bills that become due. |
| 1:12.7 | In Scotland, probate is called confirmation, and in Northern Ireland, it's called grant of probate, and of course we'll be looking at those details as well. |
| 1:20.4 | But in the meantime, if you've an experience to share some top tips or any questions, do call us now. |
| 1:25.3 | Our number is 0-3-700-100-444, or you can email Moneybox at BBC.com. |
| 1:31.8 | Or indeed, you can tweet us at Moneybox. |
| 1:35.1 | Now, until an executor has been granted probate, the estate of the dead person is in a kind of limbo. |
| 1:40.7 | No one can inherit anything, and most of the bills can't be paid. |
| 1:43.8 | So sorting out someone's finances after their anything and most of the bills can't be paid. So sorting out |
... |
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