When someone has passed away one of the most difficult parts is handling the formalities, while dealing with grief. Your loved one’s belongings will need to be dealt with and Probate is the legal right to deal with someone’s estate when they die.
Depending on what’s in the estate, and the policies of the organisations involved, it’s not always needed.
Do I Need a Probate?
If you’re unsure whether you need to get probate to access a deceased’s assets, the bank or other organisation will advise you.
Probate is usually only required if the deceased person had assets in their name only and where the assets are not automatically transferred to their beneficiaries.
If the deceased person had a will, their assets will be distributed according to the terms of their will. However, if the deceased person did not have a will, the assets will be distributed according to the rules of intestacy.
When you apply for probate, you will need to send the original will with it. It’s important that this isn’t a photocopy and is the original version, this is so the probate registry can keep it for public record.
If you find more than one version of the will, you should use the most recent one.
Who Can Apply For Probate?
If there is a will, the executors named in the will can apply for probate. Whereas, if there isn’t a will then only the closest relative can apply.
If there’s more than one executor, only one can make the application. Up to 4 executors can be named when you apply. If just one is named, you will need to provide evidence that shows you tried to contact the other executors if there are more.
How To Apply
You can apply either online or by post. It should take around 16 weeks for your application to go through, but if they need further information this can take longer. Probate solicitors can apply on your behalf, but this can be expensive.
The next step is to identify the estate’s assets and debts. This includes any real estate, bank accounts, investments and personal property. You will also need to identify any debts such as mortgages, credit card balances or loans.
When you apply online, you’ll need to know the estimated value of the deceased’s estate, so HMRC can work out if Inheritance Tax is needed to be paid. If this tax still needs to be paid, you need to wait 20 working days after you’ve sent the forms to HMRC before you apply for probate.
You can apply by post using application forms found on the gov.uk site.
If no will exists, you’ll need to obtain a letter of administration. This is the legal permission to distribute the estate, similar to a Grant of Probate.
Keeping Good Records
Depending on the complexity of the estate the process of applying for probate can be a daunting task, especially if you are unfamiliar with the legal system.
You’ll need to file the necessary legal documents, such as an inventory of the estate’s assets, an oath of executorship, and a notice to creditors.
Probate can require a huge amount of paperwork, so it is important to stay organised. Keep all probate-related documents and correspondence in a secure place and keep detailed records of all transactions and distributions.
Probate proceedings have strict deadlines, so it is important to file all necessary documents as quickly as possible.
Notify Beneficiaries and Creditors
After filing the necessary legal documents, you will need to notify beneficiaries and creditors of the probate proceedings. You can publish a notice in a local newspaper or write to known creditors and beneficiaries.
Once probate is granted, you’ll need to pay any debts or taxes owed by the estate. This includes paying off mortgages, credit card balances, and any taxes owed to the government.
Final Steps
After paying debts and taxes you can distribute the assets to the beneficiaries. This includes distributing property, bank accounts, investments, and personal belongings.
The executor must then close the estate, which involves showing how the assets were distributed and any debts and taxes that were paid. The court will review the final accounting and, if satisfied, will issue an order closing the estate.
Other Considerations
Applying for probate can be a complex process and you might need a lawyer who can help guide you through the process and ensure that all legal requirements are met.
Also keep beneficiaries informed of any developments and be transparent about the distribution of assets.
Inheritance can attract disputes so keep a lawyer in mind if any challenges or disputes arise.
Final Thoughts
Applying for probate can be a complex process, but with the right guidance and preparation, it’s perfectly normal for it to be done without the need for specialist legal advice.
But if you have any questions or concerns about applying for probate, it is always best to get professional legal advice.
