What is Probate?
Probate involves verifying the validity of a will (if one exists) and determining who has the legal authority to manage the deceased person's estate.
Before the next of kin or the executor named in the will can access, transfer, sell, or distribute any of the deceased's assets, they may need to obtain a grant of probate.
We explain the probate process for you
We guide you through the probate process, offering clarity and support during this complex legal procedure. Our knowledgeable team ensures you understand each step, empowering you to navigate with confidence and peace of mind.
The probate journey is a multifaceted process, encompassing intricate legal, tax, and financial intricacies. Here's an in-depth breakdown of the five pivotal phases:
In Phase 1, meticulous attention is devoted to identifying the deceased's diverse assets, spanning properties, investments, and personal possessions, alongside comprehensive scrutiny of their liabilities, ranging from loans to utility bills. This phase is crucial for determining the true value of the estate, alongside verifying the rightful beneficiaries, either stipulated in the will or in adherence to the rules of intestacy if no will is present. Additionally, the procurement of essential identification documents for beneficiaries is undertaken to facilitate seamless progression.
Phase 2 unfolds with the intricacies of Inheritance Tax obligations to HM Revenue & Customs (HMRC). This includes the meticulous submission of the Inheritance Tax return and the subsequent application to the Probate Registry for the grant of representation, a fundamental legal document confirming the designated individual's authority to administer the estate.
Phase 3 marks the operational execution post-receipt of the grant of representation from the Probate Registry. Here, the focus pivots towards the strategic liquidation of the deceased's assets, followed by the settlement of outstanding liabilities. This encompasses a comprehensive spectrum, from clearing final estate administration expenses to meticulous accounting for any additional Inheritance Tax, Income Tax, or Capital Gains Tax dues to or from the estate, ensuring full regulatory compliance.
Transitioning into Phase 4, meticulous attention is dedicated to the preparation of exhaustive estate accounts, meticulously chronicling every financial transaction. These detailed accounts serve as a pivotal resource, offering transparent insight into all monetary inflows and outflows within the estate, facilitating informed decision-making and ensuring regulatory adherence. Subsequently, the estate accounts are tendered to the personal representatives, such as the executor named in the will, for comprehensive review and approval.
In the final phase, Phase 5, assuming a seamless progression devoid of estate challenges or complexities, the focus shifts towards asset transfer to the beneficiaries. This pivotal step ensures the seamless transition of assets to their designated recipients, fostering equitable distribution in alignment with the directives delineated within the will or in adherence to the rules of intestacy.
When is probate required?
Probate is typically necessary in England or Wales if the deceased owned property or significant assets in their sole name. Financial institutions may request a grant of probate or letters of administration, indicating the need for probate.
What is a personal representative in probate?
A personal representative, also known as an executor or administrator in the absence of a will, is the individual with legal authority to administer the estate.
Do I need probate if there is a will?
The necessity for probate isn't contingent on the presence of a will, but rather on the financial circumstances of the deceased. The process remains similar regardless of the presence of a will, albeit with some differences in terminology.
We have a will, but where do we start?
If probate is required and there's a will, the executor applies for a grant of probate. In the absence of a will, the administrator applies for letters of administration. If locating the will proves challenging, consider obtaining a copy for reference.
Do I have to act as executor if I am named in the will?
No, you're not obligated to act as an executor. You have the option to relinquish your executorship rights or choose to reserve power, allowing other executors to proceed. Alternatively, you can engage a probate solicitor for assistance.
Q&A’s
Do I need probate for a small estate?
The necessity for probate hinges on the estate's size and asset value. Small estates with minimal assets may not require probate, but individual financial institutions may have their own thresholds. It's advisable to confirm with relevant institutions.
Do I need probate for joint assets?
Joint assets like bank accounts or properties held as joint tenants typically transfer to the surviving co-owner without probate. The co-owner must provide the death certificate to facilitate the transfer.
Do I need probate if my husband/wife/civil partner dies?
The need for probate depends on asset ownership. Probate may be necessary for assets solely owned by the deceased, while jointly owned assets often transfer to the surviving partner.
Do I need probate to sell a house?
Probate is necessary to sell a house held in the deceased's sole name. Jointly owned properties or those held as tenants in common may require probate for sale.
Do I need probate for Premium Bonds?
Premium Bonds holdings exceeding £5,000 necessitate probate. After the holder's death, National Savings and Investments (NS&I) can maintain the bonds in the prize draw for up to 12 months.
Whose responsibility is it to get probate?
Executors named in a valid will are responsible for applying for probate. In the absence of a will, the rules of intestacy determine who's responsible.