Probate can be a complex issue, with many people dealing with it at a time when emotions are high. Losing a loved one is never easy, and having their estate to manage can feel like an overwhelming task. Here we look at some of the most frequently asked questions and their answers which should help you understand the process a little better.
What Does Probate Mean?
Probate is the legal procedure of administering the estate of a deceased person. There are three main stages of the process, which are gaining access to the estate, calculating and paying money owed (debts, inheritance tax etc.) and distributing the assets to the appointed beneficiaries as per the wishes outlined in the deceased’s will. The person in charge of the probate process is called the executor, and they will be named in the will. If no valid will is in place, this person is known as the administrator.
How Does the Probate Process Work?
The steps involved in probate will vary slightly depending on the circumstances, but a general guide is as follows:
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Call 020 8150 2010- Apply for a grant of probate or letter of administration to gain access to the estate.
- Have the estate valued (for property, you should have three valuations).
- Calculate the inheritance due to the HMRC.
- Sell the assets that need to be sold.
- Pay anything owed (debts, loans, energy bills etc.).
- Prepare the estate’s accounts.
- Distribute the assets left to the appointed beneficiaries in the will or as determined by the intestacy rules.
How Long Should It Take? And is There a Time Limit?
As a general rule, the process usually takes around six-nine months to complete. However, many factors can affect this, and it could take up to a year if there are complex matters such as discrepancies, foreign assets or property sale delays. There is no set time limit for probate, but inheritance tax must be paid when it is due. If you experience a hold-up with any aspect, you should seek legal advice.
Do All Estates Require Probate?
Probate is not required if the entire estate’s value is less than £5,000 or if the deceased left their whole estate to a spouse or civil partner.
If you need assistance or advice with any element of probate, you should contact a professional, such as IWC on 0208 1502010.
If you would like to speak to a probate expert, call us free on 020 8150 2010
