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Telegraph
3 hours ago
- Business
- Telegraph
What is probate of will and how it works
Understanding what probate of will entails is crucial when dealing and distributing someone's assets when they die, but it can be a complex and complicated process. In this guide, we will aim to demystify the topic of probate, and provide you with what you need to know to navigate its intricacies with confidence. We will cover the following: What is probate? When is it needed? The probate process: A step-by-step guide Common probate challenges and how to overcome them FAQs What is probate of will? Probate, specifically probate of will, is the legal process of managing a deceased person's estate, typically by named executors. This includes: Handling assets Paying any outstanding debts Ensuring that beneficiaries receive their inheritance Before any inheritance may be passed on, probate ensures that all financial and legal obligations are met. In order to meet these requirements, executors are granted access to the deceased's bank accounts, investments and even property. Who are the key players in probate? There are several different stakeholders involved in the probate process and it can be confusing without an understanding of them. The most important roles are: Executor: the person or persons named in the will to manage the estate. Executors are responsible for collecting and distributing the deceased's assets, completing any legal documentation and paying off outstanding debts. Administrator: in the event of no will (known as 'intestacy') or the executors being unwilling to act, the court appoints an administrator to manage the deceased's estate. Beneficiaries: those people or organisations in line to inherit from the estate. Probate registry: the UK government office that processes probate applications. HMRC: responsible for collecting any inheritance tax. When is probate of will needed? Probate of will is required when dealing with a deceased person's major financial assets. In many cases, you won't be able to take charge of and distribute assets of significant value until you have a 'grant of probate' – so it is a very important task for executors, and can be a lengthy process. Financial companies and institutions will typically freeze accounts once a person dies, and you will need probate to access assets such as savings and investments or to be able to sell their home. Banks, investment firms and the Land Registry usually require legal proof before releasing funds or transferring ownership. Some banks may pay out small sums without the need for probate, ranging from £5,000 to £50,000, depending on the provider, but you will need other documentation, such as a death certificate, to access this money. If the deceased had no property and an estate worth less than £10,000, you may be able to avoid the stress of getting a grant, but the vast majority of executors do require one. If the deceased owned property solely in their name, probate is usually required. However, if most assets were jointly owned, probate may not be necessary due to ownership transferring directly to the surviving joint owner. What is a grant of probate? A grant of probate is the legal document that you will receive once you have been given authority to access and distribute a deceased person's assets. It is not a quick process. There have been reports of widespread delays with the probate system due to staff shortages and a shift to remote working. This has left some families having to wait months longer to gain control of their late loved one's finances, which can make it harder to pay inheritance tax bills, funeral costs and to sell a property. The probate process: A step-by-step guide Applying for probate of will can be overwhelming; however, following the steps below should make the process less stressful and time-consuming. There are seven steps you'll need to go through: Register the death Find the will Arrange the funeral Contact official organisations and financial providers Value the estate Apply for probate Pay inheritance tax 1. Register the death A death needs to be registered within five working days in most of Britain (eight in Scotland). Once this is done you will receive a copy of the death certificate. Make sure you order multiple copies as financial institutions will require one when you register the death with them and there could be lots of accounts to access. Each copy will cost you £12.50 in England and Wales. Confusingly, banks will sometimes ask for an 'original certificate', but this just means a certified copy. You can order more at a later date if needed. 2. Find the will The will should name an executor – the person responsible for dealing with the finances. If there is no will, then you will need to apply for Letters of Administration. This process is virtually identical to applying for probate in all but name, but can take longer. Once you have the will you should notify all the beneficiaries and place a notice in the Gazette, the official public record, asking potential creditors to come forward. This may sound excessive, but it is necessary to show you have carried out your legal duties as executor. Joe Cobb, of the law firm JMW Solicitors, said: 'Should the executor fail to take the correct measures in identifying the potential creditors and then one comes forward after the assets have been distributed, the creditor may pursue the beneficiaries for the outstanding amount.' 3. Arrange the funeral The deceased may have left instructions for their funeral in their will. Funeral costs are notoriously varied, but on average you should expect to spend £4,285 on a 'simple' attended service, according to the insurer SunLife. Luckily, some banks will pay out funeral expenses before probate is granted. If not, you can later recover the fees from the estate. Simon Hancox, of estate planning service Kings Court Trust, said: 'Executors or administrators can be reimbursed for reasonable expenses from the estate, which could include probate registry fees, funeral expenses, property maintenance, postage costs, the cost of death certificates, property insurance costs, clearance costs, valuation fees and so on.' 4. Contact official organisations and financial providers Government departments such as HM Revenue & Customs and the Department for Work and Pensions will need to know about someone's death to resolve tax or benefit issues. But you don't need to wait for hours on hold. You can use the Tell Us Once service to register the death with the various government departments in one go. You should also contact the banks, pension providers, investment firms and other companies the deceased held funds with. If the deceased held accounts with any of the following firms, then you can use the Death Notification Service to make things easier for yourself by notifying multiple organisations at once:
Health Line
7 hours ago
- Business
- Health Line
TSH Blood Test: What Medicare Covers
Key takeaways Original Medicare (parts A and B) and Medicare Advantage (Part C) cover the full cost of a TSH (thyroid-stimulating hormone) test after meeting your deductible. Medicare Part B generally covers two annual thyroid tests when medically necessary, and may pay for additional testing beyond the first two tests if deemed necessary by your doctor. The likelihood of developing thyroid function issues (hypothyroidism or hyperthyroidism) increases as you age, making TSH testing particularly relevant for Medicare beneficiaries. The chances of having a low or high rate of thyroid function — hypothyroidism or hyperthyroidism, respectively — increase as you age, according to a 2019 review. The TSH hormone regulates the thyroid gland, which controls metabolism and growth. Having too much or too little TSH can negatively affect bodily functions. A TSH test measures the thyroid-stimulating hormone in your blood, helping identify imbalances. This is especially relevant for Medicare beneficiaries, generally over age 65. Read on to learn when Medicare covers TSH and other thyroid testing. Does Medicare cover thyroid testing? Medicare has four parts that cover certain services. Part B is the portion that usually pays for medical, preventive, and diagnostic services. For thyroid testing, Part B generally covers two annual tests when medically necessary, including the TSH test. Part B may also pay for additional testing beyond the first two tests if deemed medically necessary. Generally, your doctor must certify that the test is medically necessary, and you must get the test from a Medicare-approved laboratory. If you're covered by Medicare Advantage (Part C), you'll get the same coverage as Original Medicare (parts A and B) from a private insurance plan. That said, your plan may cover additional thyroid testing beyond what Part B covers. What diagnosis does Medicare require for TSH testing? Doctors will generally rest your TSH along with the levels of three important thyroid hormones: triiodothyronine (T3) thyroxine (T4) calcitonin Depending on your results or symptoms, doctors may order additional thyroid screenings. Medically necessary reasons for testing your thyroid include: telling the difference between primary and secondary hypothyroidism confirming or ruling out primary hypothyroidism or hyperthyroidism monitoring thyroid hormone levels if you have goiter, thyroid nodules, or thyroid cancer tracking the effectiveness of your medication if you have hypothyroidism or hyperthyroidism In addition, Medicare may cover thyroid testing related to conditions such as: metabolic disorders malnutrition high cholesterol certain types of anemia mental health challenges vision problems, heart rhythm issues menstrual disorders skin conditions muscle aches How much does a TSH blood test cost? You typically won't pay anything out-of-pocket for Medicare-covered laboratory tests as long as your doctor orders the tests and you've met your deductible of $257 in 2025. It's important you ensure that the lab doing the testing accepts Medicare. Thyroid testing involves taking a blood sample. Your doctor may: perform the blood test in their office send you to a specific laboratory send you to a hospital laboratory Another cost you still have to account for is your Part B premium, which, in 2025, starts at $185. On the other hand, each Medicare Advantage (Part C) plan has its own deductible, premium, and copayment rules. According to the Centers for Medicaid & Medicare (CMS), the average monthly premium for Part C plans is around $17.00 in 2025. In addition, you'll still be responsible for your Part B premium. You also may also need to go to an in-network provider or laboratory that accepts both Medicare and your specific Medicare Advantage policy. If your doctor orders testing more often than the two tests that Medicare coverage allows, you may have to get prior authorization to ensure Medicare coverage.
CNET
2 days ago
- Business
- CNET
SSDI June 2025: Here's When This Month's Payment Will Be Sent Out
June's SSDI checks are headed to beneficiaries soon. Here's this month's payment schedule. CNET The first round Social Security Disability Insurance payments for June 2025 will soon be sent out, followed by three more rounds of payments throughout the month. Your specific payment date depends on how long you've been receiving benefits, whether you also receive Supplemental Security Income, and the day of the month you were born. If that sounds confusing to you, don't worry, we have you covered. The Social Security Administration sends monthly payments to people who have a disability that stops or limits their ability to work. Depending on their individual situation, others may qualify and can apply for SSDI as well. We'll break down the full SSDI payment schedule for the month of June and how your payment date is calculated so you'll know exactly when you can expect your check. For more, here's what you can do if you're last payment never arrived, and here's the Supplemental Security Income payment schedule. If you've had SSDI since May 1997 or earlier or also receive SSI If you started getting SSDI before May 1997, you'd usually receive your payment on the third day of every month. Note that this isn't always the case, like when the third day falls on a weekend or holiday. For 2025, this will happen in August, so you can expect to receive your payment during that month 1-2 days earlier. If you also receive Supplemental Security Income, you'll also fall into this category, where you'll receive you SSDI payment on the third of every month and your SSI payment on the typical day, the first of the month. For everyone else, payments are birth date-dependent If you began receiving SSDI after May 1997 and don't also receive SSI, then your payment date is determined by the day of the month you were born. Payments are typically paid out on the second, third and fourth Wednesday of the month. Which Wednesday you get your check breaks down like this: Birthdate between Social Security check date 1 and 10 of the month Second Wednesday of the month 11 and 20 of the month Third Wednesday of the month 21 and 31 of the month Fourth Wednesday of the month Here's when you'll get your SSDI payment in June Here's when your SSDI payment should arrive this month: If you've received Social Security before May 1997 June 3 If your birthday falls between day 1 and 10 of the month June 11 If your birthday falls between day 11 and 20 of the month June 18 If your birthday falls between day 21 and 31 of the month June 25 How does 2025 COLA affect my payment? The COLA for 2025 introduced a 2.5% increase in monthly benefit checks, but exactly how much of an increase will depend on several factors. Any monthly income, how long you've received benefits and what type of benefit you receive can result in a different payment increase. Recipients should have received their COLA notice sometime in December with specific details on their case. A COLA of 2.5% will add about $48 to the average benefits check. For more, don't miss four ways you could lose your Social Security benefits and how to apply for SSI.
Yahoo
2 days ago
- Business
- Yahoo
Social Security June payment schedule: Here's when recipients will get their checks
The Brief The Social Security Administration sends regular monthly payments (SSA benefits), but the date varies – generally depending on the day you were born. SSA beneficiaries can expect a payment on either June 3, June 11, June 18, or June 25 this month. SSI recipients should have received their payment on May 30, because June 1 falls on a Sunday. A new month means another round of Social Security payments for millions of Americans who benefit from the program. Here's when beneficiaries can expect to receive their checks in June: Big picture view The Social Security Administration sends regular monthly payments (SSA benefits), but the date varies – generally depending on the day you were born. Social Security retirement, disability, and survivor (RSDI) beneficiaries who filed claims after May 1, 1997, are assigned either the second, third, or fourth Wednesday of the month. RELATED: Work requirements in Trump's 'big, beautiful bill': What to know Those who receive Supplemental Security Income (SSI), which is monthly payments for people with disabilities and older adults who have little or no income or resources, get paid on the 1st of the month. If the 1st falls on the weekend or holiday, then the payments are typically issued on the previous weekday. Those who received benefits before May 1997 also have a specific payment date. Timeline The following dates are when beneficiaries can expect to receive their monthly payments in June – SSA beneficiaries who started getting benefits before May 1997: June 3, 2025 Birthday between the 1st and 10th of the month: June 11 (Second Wednesday of the month) Birthday between the 11th and 20th of the month: June 18 (Third Wednesday of the month Birthday between the 21st and 31st of the month: June 25 (Fourth Wednesday of the month) Timeline This month's SSI payment was dispersed on May 30 because June 1 falls on a Sunday. What you can do Those who do not receive their electronic payment on the scheduled date should contact their bank or financial institution first, according to the Social Security Administration – which notes that it "may be experiencing a delay in posting your payment." Those who still need to report a late, missing, or stolen Social Security payment should call the Social Security Administration at 1-800-772-1213 (TTY 1-800-325-0778) or contact their local Social Security office. "We will review the case and if the payment is due, we will replace it," the administration says on its website. The Source This story was reported based on information from The Social Security Administration's website, specific to SSI (Supplemental Security Income) Benefits and RSDI (Retirement, Survivors and Disability) – also referred to as SSA Benefits. The story was reported from Cincinnati.
Yahoo
3 days ago
- Business
- Yahoo
When will Social Security checks be sent in June? What to know about 2025 payment schedule
Social Security checks will go out like normal in June, except for one small exception that some beneficiaries will notice. Most of the nearly 74 million who get Social Security benefits receive them on Wednesdays throughout the month. For instance, if your birthdate falls between the first and 10th of the month, you are paid on the second Wednesday of the month, which is June 11; between the 11th and 20th, you're paid on the third Wednesday (June 18), and if you were born after the 20th of the month, you get paid on the fourth Wednesday of the month (June 25), according to the Social Security Administration's calendar. Here's what to know about the Social Security payment for 2025 and when checks will go out in June. The Social Security Administration's yearly distribution schedules for 2025 and 2026 are available online so that you can use the calendar for budgeting purposes. Regular Social Security retirement benefits will be sent out on the SSA's usual schedule: June 11: Birth dates between the first and 10th of the month. June 18: Birth dates between the 11th and the 20th of the month. June 25: Birth dates between the 21st and the 31st of the month. Beneficiaries who get Supplemental Security Income (SSI) received two checks in May, meaning those people won't receive any checks in June. When the first of the month falls on a federal holiday or a weekend, SSI benefits are issued early. Since June 1 is a Sunday, the June check was sent out on May 30. About 7.4 million Americans who may be disabled or have limited resources get monthly SSI benefit payments. About half of those who get SSI also get Social Security. Supplemental Security Income checks will be sent out on the following dates in 2025, according to the SSA calendar. Tuesday, July 1, 2025 (Check for July 2025) Friday, Aug. 1, 2025 (Check for August 2025) Friday, Aug. 29, 2025 (Check for September 2025) Wednesday, Oct. 1, 2025 (Check for October 2025) Friday, Oct. 31, 2025 (Check for November 2025) Monday, Dec. 1, 2025 (Check for December 2025) Wednesday, Dec. 31, 2025 (Check for January 2026) There are more than a dozen Social Security offices in Arizona. To find the office nearest you, visit Apache Junction: 253 W. Superstition Blvd. Casa Grande: 1637 E. Monument Plaza Circle Chinle: Tseyi Shopping Center on Highway 191 Douglas: 600 E. 15th St. Flagstaff: 2715 S. Woodlands Village Blvd. Glendale: 5907 W Kings Ave Globe: 1405 E. Ash St. Mesa: 702 W. Jerome Ave. Nogales: 1760 N. Mastick Way Phoenix: 16241 N. Tatum Blvd. and 250 N. Seventh Ave. Prescott: 205 N. Marina St. Safford: 650 S. 14th Ave. Show Low: 2500 E. Cooley St., Suite 407 Tuba City: 1010 Main St. Tucson: 3808 N. First Ave. and 88 W. 38th St. Yuma: 325 W. 19th St., Suite 1 This article originally appeared on Arizona Republic: When will Social Security checks be sent in June? What to know
