When faced with the emotional trauma of losing a loved one or friend, the last things you may want to deal with at this time are the associated legal, tax and administrative issues.
If you are tasked with administering an estate, you will take on numerous obligations and duties and you may find yourself unfamiliar with some of the terms used by the various institutions you contact.
Here’s what you need to know about applying for a grant of probate.
What is probate?
Probate is the process of proving that a will is valid and confirming who has authority to administer the estate of the person who has died.
Before the next of kin or executor named in the will can claim, transfer, sell or distribute any of the deceased’s assets, they might have to apply for a grant of probate.
What is a grant of probate and when is it required?
If executors are appointed in a will, they will apply for a grant of probate. This is a legal document issued by the court to enable the executors to deal with administering the estate.
For example, a grant of probate is needed to access bank accounts, sell assets and settle debts after someone has died.
If someone dies intestate (i.e., they have not left a will), then you will need to apply for a similar but different legal document called a grant of letters of administration. This works in much the same way as a grant of probate, giving a named person legal authority to deal with the estate of the deceased.
If any of the following apply, then it is likely that a grant of probate is required:
- The deceased held a property in their sole name.
- The deceased held assets in their sole name with a value of more than £25,000 with any one or more financial institutions.
- There are foreign assets, business assets or a trust involved.
How to apply for a grant of probate
Grief over the loss of a loved one, combined with confusion about their legal responsibilities, can lead to many families delaying probate because they don’t know where to start.
However, delaying probate can cause further complications, including lack of access to funds, property losing value, and increased stress.
The first step is to seek legal advice. Our expert solicitors can guide you through the probate process and help you avoid common problems.
The next step is to collect details of the deceased’s assets and liabilities as soon as possible, to determine the value of their estate.
Where IHT is payable, the deadline is six months from the end of the month of death. Probate cannot be issued until IHT is paid and acknowledged, and HMRC issues a code.
Once the above steps have been completed, you will be able to apply to the Probate Registry for a grant of probate.
Probate is typically granted within 16 weeks of an application, and often sooner in most cases.
However, the overall estate administration is likely to take one to two years to complete, so it is better to start early.
If you need help with probate, contact our expert team today. We can assist with everything from applying for probate to handling complex estates, ensuring the process is as smooth and stress-free as possible.