MT Legal Services
MT Legal Services
Will Writing

The Probate Process Explained

13 April 2021 by Mark Tucker

In England and Wales PROBATE is the word normally used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a 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 may have to apply for Probate.

When Probate has been granted through a “Grant of Probate” or “Letters of Administration” the next of kin or Executor can start to deal with the deceased person’s assets in accordance with their Will. 

If the deceased died without a Will the law will determine who should receive everything.

The Probate process often involves a lot of complicated legal, tax and financial work which can be broken down into different phases. 

We have seen a HUGE increase in contested Probate cases, and so we have decided to write a blog article explaining the phases. 

We will take you through each phase below.

Probate – Phase 1:

You will need to identify all of the deceased’s assets. Assets are property, investments and possessions, and all liabilities, such as debts ranging from loans to utility bills. This will determine the value of their Estate. 

You will also need to verify entitlement to the Estate under the terms of the deceased’s Will, and obtain the necessary identification documents for those beneficiaries.

Probate – Phase 2: 

Paying Inheritance Tax to HM Revenue & Customs (HMRC) where applicable. You will also need to submit the correct Inheritance Tax return (required whether or not there is tax due), and apply to the Probate Registry for the Grant of Representation (a document confirming the legal authority to administer the Estate).

Probate – Phase 3:

After the Grant of Representation has been issued by the Probate Registry, the process of liquidating (selling) the deceased’s assets can begin. You will also be required to settle their liabilities, paying the final Estate administration expenses and accounting to HMRC for any further Inheritance Tax, any Income Tax or Capital Gains Tax due to or from the Estate.

Probate – Phase 4:

This phase is where you will prepare Estate accounts, documenting all payments into and out of the Estate, and showing the balance left for distribution to the beneficiaries. 

You will then be required to send the Estate accounts to the Personal Representatives (such as the Executor in the Will) for approval.

Probate – Phase 5:

This is the final phase of the Probate process. Providing there are no challenges to the Estate (contested Probate cases have risen significantly)  or other complicating factors preventing distribution at this stage, the final phase will involve transferring any assets that the beneficiaries wish to retain, and distributing the balance of the Estate funds.

MT Legal Services has 40 years of experience in matters regarding Wills and Probate and we are a member of the Institute of Professional Will Writers.

We also offer professional services such as long term care planning, inheritance tax advice and estate planning, preparing powers of attorney and safe document storage.

 

If you need assistance with Probate, you can learn more about our services here, or, please get in touch with us for a FREE consultation. 
MTLS SERVICES – PROBATE

 

More and more people are choosing to get their affairs in order and we are very busy, but we do have available appointments; and we offer a FREE CONSULTATION!
01604 591242
mark@mtls.co.uk
mtls.co.uk
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