What is probate? A Complete Guide to Understanding the Process
Probate is the legal and administrative process required to manage a deceased person’s estate, including their money, property, and possessions. If you’ve been named as an executor in a will or need to take responsibility for someone’s estate, understanding how probate works can save you time, stress, and potential legal complications.
What is Probate?
Probate is the legal process that grants an individual or organisation (usually named as the executor in a will) the authority to handle the estate of someone who has died. If there is no will, a close relative can apply to act as an administrator of the estate. Both roles involve similar duties and responsibilities.
When Is Probate Required?
You’ll usually need probate if the deceased person’s estate includes:
- Property: If the deceased owned a house or other property solely in their name, probate is usually necessary to sell or transfer ownership.
- Significant Savings or Investments: Banks, building societies, and investment firms often require probate for accounts over a certain value.
- Shares: If the deceased held shares in a company, probate is needed to transfer or sell them.
However, probate might not be required if:
- Assets Are Jointly Owned: For example, jointly owned property typically passes to the surviving owner without the need for probate.
- The Estate Is Small: Many banks and institutions have thresholds below which probate isn’t necessary. These thresholds can vary but are often between £5,000 and £50,000.
If you’re unsure whether probate is required, we can assess your situation and provide clear advice.
How Long Does Probate Take?
The time required to complete probate depends on several factors, including the complexity of the estate and whether there are any disputes. On average:
- Simple estates: 3–6 months
- Complex estates: 6–12 months or longer
Delays can occur due to:
- Disputes between beneficiaries
- Missing or untraceable assets
- Complications with taxes or debts
Our team works diligently to minimise delays and resolve issues quickly.
What Are the Responsibilities of an Executor or Administrator?
Taking on the role of executor or administrator comes with legal responsibilities. These include:
- Acting in the best interests of the estate and beneficiaries
- Keeping accurate financial records
- Communicating transparently with beneficiaries
- Avoiding conflicts of interest
Failure to fulfil these duties could result in legal action, so seeking professional guidance is often recommended.
1. Locate the Will (if one exists)
The first step is to find the deceased’s will, as it outlines how the estate should be distributed. If there is no will, the estate will be distributed according to the rules of intestacy.
2. Apply for a Grant of Probate or Letters of Administration
The executor named in the will applies for a Grant of Probate. If there is no will, a close relative must apply for Letters of Administration. This legal document gives authority to manage the estate.
3. Value the Estate
You’ll need to compile a detailed list of the deceased’s assets and liabilities, including:
- Property value
- Bank and savings accounts
- Investments and shares
- Outstanding debts (e.g., mortgages, loans, or credit cards)
This step is essential for calculating Inheritance Tax liability.
4. Pay Inheritance Tax
Inheritance Tax is payable if the estate exceeds the current threshold of £325,000 (as of 2024). There are allowances and exemptions that may reduce the tax burden. Once calculated, the tax must be paid before the Grant of Probate is issued.
5. Settle Debts
The executor or administrator must pay any outstanding debts, including utility bills, loans, and funeral expenses, using funds from the estate.
6. Distribute the Estate
After all taxes and debts are paid, the remaining assets can be distributed to the beneficiaries according to the will or intestacy rules.
How Can Wills & Probate Services Help?
Handling probate can be overwhelming, particularly during a time of grief. At Wills & Probate Services, we specialise in providing professional, compassionate, and efficient support to guide you through the process. Here’s how we can help:
- Expert Management: We handle the entire process, ensuring legal and financial compliance.
- Tailored Advice: Specialist guidance on legal, tax, and financial matters for any estate.
- Stress-Free Service: We minimise the burden, allowing you to focus on what matters most.
Why Choose Us?
- Proven Expertise: Years of experience with estates of all complexities.
- Transparent Fees: Clear, upfront pricing with no hidden costs.
- Personal Support: A dedicated advisor guiding you throughout.
- Complete Peace of Mind: Confidence your loved one’s estate is in safe hands.
If you’re facing probate, don’t navigate it alone. At Wills & Probate Services, we’re here to provide expert guidance and support every step of the way. Contact us for a free, no-obligation consultation.