Recent research has revealed that 99% of charities are currently facing delays in probate due to errors in submitted applications. With this in mind, we wanted to provide a clear guide on what you need to know about the probate process.
At Howard & Over, we’re here to make things easier for you by offering clear guidance on important matters. In this blog, we’ll walk you through your responsibilities as an executor, how to apply for probate efficiently, and provide practical advice to help you navigate the complexities of the process with confidence.
What is Probate?
Probate is the legal process through which a deceased person’s estate is managed, debts are settled, and assets are distributed to heirs or beneficiaries. When someone passes away, their property, money, and other assets, collectively known as their estate, need to be transferred to the rightful owners. Probate ensures that this process is done according to the law.
An executor is tasked with carrying out the wishes outlined in the deceased’s Will. This involves settling any outstanding taxes, ensuring assets are secure and insured, and then transferring or selling property, investments, and bank accounts to the beneficiaries. In most cases, a Grant of Probate is needed to access or transfer these assets, requiring the executor to apply for this document from the Probate Registry.
When is Probate Required?
You will need to obtain probate if:
- You need to sell property from the estate.
- Banks or financial institutions holding the deceased’s accounts require a Grant of Probate to release funds.
You may not need probate if:
- All property and bank accounts were jointly held with a surviving co-owner.
- The estate consists only of cash or personal belongings.
- You are handling small sums of money, typically under £5,000.
How the Probate Process Works:
Step 1: Gather Necessary Documents
Before proceeding, you will need copies of the deceased’s death certificate, which is essential for accessing their assets. Additionally, you will need to verify whether they left a Will and confirm that the named executor is managing the process.
Step 2: Assess the Estate
The executor must evaluate the estate and communicate with relevant institutions to determine whether probate is necessary.
Step 3: Apply for Grant of Probate
If probate is required, the executor will apply for a Grant of Probate, which legally authorises them to manage the deceased’s assets. During this phase, the executor must also complete an Inheritance Tax return. Seeking professional legal assistance is highly recommended, and our solicitors are here to guide you through this process.
Step 4: Manage the Estate
Once probate is granted, the executor can settle any outstanding debts and distribute the assets according to the terms of the Will.
How Long is the Probate Process?
The probate process can take time, especially if a Grant of Probate is required to manage the deceased’s estate. On average, it can take 4-6 months to receive the Grant of Probate due to potential delays with the Probate Registry and HM Revenue & Customs.
Probate can be a complex and time-sensitive process, requiring careful attention to legal and tax obligations. Ensuring that inheritance tax is correctly calculated, and all necessary documents are submitted without delay is crucial to avoid further setbacks.
The executor has a vital role in overseeing these tasks, safeguarding the estate’s value, and ensuring timely distribution to the beneficiaries.
Seeking professional advice from Howard & Over can help streamline the process and reduce delays, ensuring a smoother transition during a challenging time. We’re just normal people who happen to be experts in law – we are here to guide you through every step of the way.
