The probate process can be daunting if you’re unfamiliar with it, and with every case being different, you might not be sure where to start.
You might not even be sure whether you need probate or not, and without expert advice, it’s not always clear.
A will might be complex, there might be lots of assets, and there might be several beneficiaries – or there might not be.
The probate process varies depending on a variety of situations.
For immediate help about the probate process, please either call us now on 0845 1391399 or complete a Free Online Enquiry.
So, How Does The Probate Process Work?
Applying for a grant of probate is simply seeking confirmation that the executor of the will has the authority to administer the will of the deceased.
Basically, it’s the formal legal procedure that’s necessary to begin distributing the assets of the estate as per the instructions in the will.
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 when probate is not required, 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.
It’s not an exact science, though, and it’ll depend on the financial institutions that are releasing funds – probate may be required on sums above £5,000, but the threshold can be anywhere between £5,000 and £50,000.
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.
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.
It’ll also be used with government and local authorities to settle any outstanding tax, council tax, and payments before any more are accrued.
The probate application process flows as follows:
- You must obtain a valuation on the estate by accessing all bank accounts, pensions, investments, assets, and getting an expert to value any properties
- You are then required to complete inheritance tax (IHT) forms
- After this, probate applications will be filed
- Probate fees will be paid
- And finally, IHT will be paid
Obtaining a valuation on their estate involves establishing ALL assets and liabilities in the deceased’s name – this includes any bank accounts, pensions, investments, and anything else that may have value.
The current nil-rate band for IHT is £325,000 and it’s currently taxed at 40% of anything above the £325,000 threshold.
If you think inheritance tax might be an issue, then you should be looking to obtain a written valuation from an estate agent or surveyor.
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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