Probate property is the most common asset dealt with following the death of a loved one.
Since property tends to hold significant value (usually 6 figures), it’s often the largest asset distributed as part of the probate process.
As such, it can be a contentious issue in some cases, which is why it’s important to follow all of the rules and regulations when it comes to probate and property.
Property is one part of probate, and it’s important to know where it fits in with applying for probate, the process, and how it all works.
If you would like immediate advice on what to do about probate property, please either call us now on 0845 1391399 or complete a Free Online Enquiry.
Property – Applying For Probate
A grant of probate confirms that the executor of the will has the authority to administer the will of the deceased.
It’s essentially the formal legal procedure that begins the distribution of the assets of the estate as per the instructions in the will, one of which is likely to be property.
That process may be simple or might be a little bit more complicated, but generally, it’ll mean distributing assets to beneficiaries as laid out in their will and tidying up any affairs.
There are exceptions to the rule, such as if the estate is worth less than £5,000, or if the deceased owned everything jointly with another person who is alive – in which case you don’t need to apply for a grant of probate.
There are some circumstances where probate won’t be required despite the value of the estate being higher than £10,000, such as if the estate is held jointly with another individual, perhaps a spouse or partner, and they are still alive.
It’s safe to assume that anything north of £10,000 is likely to require a grant of probate, though.
Crucially, if a property is jointly owned between two partners (a husband and wife, for example), and the other partner is still alive, then the property will be transferred to them, and won’t be included in probate.
There are several stages to probate, and the process begins when the loved ones of the deceased officially register the death.
Once this is done (and it must be done within five days of their death), you’ll be issued with a death certificate.
It’s that official certificate that will be used as proof of death with various institutions such as banks, pension providers, and investment brokers so that the funds can be released to the estate so that probate can then be distributed in accordance with the testator’s wishes.
It’ll also be used with government and local authorities to settle any outstanding tax, council tax, and payments before any more are accrued.
What Do I Do With The Property?
Once the legal necessities are sorted and the death certificate has been obtained, you’ll need to get a valuation on the estate.
That includes the property.
To do this, you should enlist a surveyor or estate agent to give an accurate valuation so it can be calculated for the estate, inheritance tax, and any other legal obligations.
The current nil-rate band for Inheritance Tax is £325,000 and it’s currently taxed at 40% of anything above the £325,000 threshold.
The valuation must be accurate so the property can be divided accurately as per the terms of the will, and if there is any sale of the property, the monetary value gained should be close to the valuation given.
Probate Solicitors Near Me
At Probate Solicitors Near Me, we’re on hand to guide you through the entire probate process.
We know it can seem complicated – but that’s why we’re here to help.
Because having an expert probate solicitor on hand to handle the legal requirements means less stress on you and your loved ones.
We hand-pick our solicitors so we know they’re the best around – and so you can rely on a top-quality service, every time.
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