Probate is the process of proving that a Will is valid and that a certain person or people have authority from the Will to manage the person’s estate.
You need a Grant of Probate before you can start any administration of the estate. One you have it, you’re able to distribute assets as set out in the Will and make sure all legal and financial affairs are in order.
Administering an estate can be a complex and time-consuming process. It involves:
• Preparing Probate papers and submitting them to the HM Courts and Tribunals Service
• Completing HM Revenue & Customs forms and calculating any Inheritance Tax
• Placing Trustee Act Notices asking claimants to come forward
• Finding out if there are any life or minority interests
• Following legal procedures to administer the estate correctly
• Contacting banks, pension providers, insurers, government departments and others to understand what the estate is worth and if there are any debts
• Arranging ‘date of death valuations’ – to find out what property, jewellery, shares etc. are worth
• Finding out if there are any joint assets and transferring them
• Selling assets, transferring shares, cashing in and closing accounts
• Completing Income Tax returns
• Calculating whether Capital Gains Tax is payable with HM Revenue & Customs
• Collecting in the estate’s assets
• Setting up and managing any Trusts created by the Will
• Paying any debts from the estate
• Paying Inheritance Tax
• Preparing estate accounts and obtaining approval
• Sharing out the proceeds of the estate with the beneficiaries, as stated in the Will
• Formally closing the estate and preparing final accounts which must be properly prepared and open to scrutiny
You will usually get a Grant of Probate within two months, and dealing with the estate can take around a year. You have to obtain all claims against the estate, via a solicitor, before you can administer the estate.
Honey Legal* can manage all these complex duties for you or your loved ones. Thousands of clients choose us to manage the probate process, taking away the worry, pressure and legal responsibility at one of life’s most difficult times.
Our client Derek found it difficult to manage as the executor of his father’s estate, particularly as the paperwork was disorganised and confusing. Read Derek’s full story.
You need the original copy of the Will to apply for Probate. The first step if you don’t have this is to contact the deceased’s solicitor and ask if they have the Will.
If the solicitor has been in business since 1993, the Solicitors Regulation Authority can help you trace them.
If the person did not leave a Will you can apply to be an administrator of their estate. This gives you the legal right to deal with the person’s estate when they die.
You can usually apply to be an administrator if you are a close relative, their spouse or civil partner.
If successful, you’ll get a Grant of ‘Letters of Administration’ rather than Probate, which allows you to administer the estate in the same way.
Applying for Probate might not be necessary if the person who died only had limited savings or premium bonds. For sums up to c.£30,000, some banks and building societies will release money if you can supply a death certificate.
If the person jointly owned land, property, shares or money then again, a Grant of Probate may not be required.
Generally, you will need to apply for Probate if person who died left more than £5,000, had stocks and shares, owned a house or land.
