What Is Probate?

A close friend lost a family member not so long ago and whilst we were having a chat, it became clear they had no idea what “probate” was or meant in the circumstance. Going through the grieving process and trying to also get to grips with what needs to be done can mean confusion for a lot of people; it’s an emotional time. 

What Is Probate?

Put simply, probate is the identifying and administering a dead person’s estate. 

Their ‘estate’ is everything they owned, and is usually made up of: property (such as their house), money (both cash and money in a bank or building society account), and any policies; such as life insurance.

If the deceased has left a Will, it will name someone that they’ve chosen to administer their estate. This person is known as the executor of the Will. The executor of the Will can apply for the Grant of Probate, which is a legal document that enables them to access funds, deal with the deceased’s finances and share out the estate.

Probate will involve organising their money, assets and possessions and distributing them as inheritance – after paying any taxes and debts. 

This may lead you to ask: “what happens if there is no Will?”

Well, you cannot obtain a Grant of Probate if there isn’t a Will, but you can still administer the estate and distribute inheritance. This however will follow a slightly different process. 

The rules of intestacy set out who can apply to administer the estate with a Grant of Letters of Administration. Without a Will deciding how to pass on the assets, the administrator distributes inheritance according to the rules of intestacy. Only spouses, civil partners, children, and other close relatives can inherit under these rules.

(For more information on this, please get in touch; we’d be happy to help!)

How Does The Probate Process Work?

Because every estate and every Will is different, there isn’t an exact probate process for all cases; it can vary depending on the instructions left in the Will. You will need the original Will and a death certificate. 

This is the basic process for an executor, to give you an insight:

• Identify and gather all the details of the deceased estate (assets and any debts)
• Apply for Grant of Probate (permission to administer the estate and distribute inheritance)
• Complete an inheritance tax return and pay any tax due 
• Receive a Grant of Probate
• Repay any outstanding debts
• Distribute the rest of the estate according to instructions left in the Will.

It’s important to be aware that probate can become complicated if there are any disputes between the executor, beneficiaries, creditors, or HMRC. At MTLS we can advise and help with any stage of the probate process. For example, if disputes are stopping you from making progress, we can even take over your duties as executor entirely, relieving any stress or uncertainty.

Is Probate Applicable For Every Death?

According to the Society of Trust and Estate Practitioners (STEP), in England and Wales, if the deceased’s estate is worth less than £5,000 there is no need to apply for a Grant of Probate.

How Long Does Probate Take? 

Without intended to be ambiguous, the exact amount of time will depend on the size and complexity of the estate.

In light of the pandemic (and subsequent rise in deaths), it is taking longer. 

We tend to find it can range between 3 months to a year. Sometimes disputes can come up during probate between the executor, beneficiaries, creditors, or tax authorities; and these can delay you in administering the estate.

MTLS are here to help you with estate administration and other related issues, call us on 01604 591242 or contact us online and we’ll get in touch with you. We offer a FREE CONSULTATION and would be happy to help.