Probate is the legal process of administering a deceased person’s estate. This involves distributing any assets, such as property, money, and possessions to the deceased’s beneficiaries, settling any outstanding debts, and collecting any monies owed.
If the deceased left a Will, it should include the name of an ‘executor’ who is the person (or people) they wish to administer their estate.
If they died intestate (without a Will), an ‘administrator’ will be appointed following the rules of intestacy to undertake the estate administration process.
Executors and administrators are collectively known as ‘personal representatives’ (PRs).
Whether there is a Will or not has no bearing on whether probate is required. Probate is determined by the financial situation of the deceased rather than if they left a Will or not.
Probate can be complicated and often requires significant time, paperwork, and expertise. However, as the process is often the responsibility of people with limited experience of what is involved and little knowledge of how it works, there is ample opportunity for things to go wrong.
Personal representatives can be held personally liable for any mistakes made during the estate administration process, so if you are the executor or administrator of an estate, it is vital that you are aware of your role and responsibilities before you start.
Appointing a solicitor can help. Personal representatives are entitled to appoint a legal professional to assist them undertake the probate process and have these costs covered by the estate.
Whether you require some general guidance or would like a solicitor to deal with the entire process on your behalf, our team of experienced probate solicitors in Portsmouth and Waterlooville offer specialist advice on probate.
For straightforward and practical legal advice on all probate issues, call Larcomes today on 023 9224 6666 or make an online enquiry.
Here, our specialist Wills and Probate solicitors explain the main steps involved in the probate process.
How does the probate process work?
There is a set legal process to follow for estate administration. The key stages involved in probate are as follows:
1. Register the death. In England and Wales, you must register a death with the relevant authorities within five days.
2. Assess the value of the deceased’s estate. The next step is to collate the various assets that comprise the deceased’s estate. This can include properties, money, investments, life insurance policies, jewellery and other personal possessions.
You should make an inventory and gather all the relevant supporting paperwork and documentation. PRs must establish a clear picture of an estate’s assets and liabilities to determine whether it will be liable for inheritance tax (IHT) before you apply for probate.
3. Apply for grant of probate. Executors must then apply for a grant of probate, which is the legal permission to administer an estate (known as ‘letters of administration’ in cases of intestacy). You’ll usually receive this within 16 weeks of the Probate Registry receiving your application.
A grant of probate is not needed in every case. If assets were held jointly, they will automatically pass to the surviving spouse or civil partner. A grant of probate is also not required if an estate is solely made up of cash, if the estate to be administered is small (typically less than £5,000), or if the estate is insolvent.
4. Complete an IHT return and pay any tax due. Currently, the IHT nil-rate band is £325,000, which means the estate is not liable for IHT if it is worth less. IHT is due six months after the date of death before HMRC starts to charge interest.
5. Inform interested parties. Once the executor has received the grant of probate, copies should be sent to all the relevant asset and liability holders, along with a request to release any funds.
These can include, for example:
- Banks and building societies.
- Mortgage company.
- Landlord.
- Insurance companies.
- Electric, gas and water companies.
6. Gather assets of the estate. At this stage, executors and administrators sell any assets, such as properties, and collect the monies. During this stage of the probate process, it is advisable to open a separate bank account for the financial transactions made on behalf of the estate.
7. Repay outstanding debts. Any liabilities are paid, and the final estate accounts are prepared.
8. Distribute assets. PRs can then distribute the estate in line with the instructions left in the Will or according to the rules of intestacy.
How long does probate take?
The time it takes to complete probate depends on the size and complexity of an estate. However, probate generally takes around nine to 12 months to complete.
Probate Solicitors Portsmouth
Dealing with somebody’s legal affairs when they die can be complicated, distressing and lengthy often taking many months to complete.
If you have been appointed as an executor or you are a close relative of someone who has passed away without making a Will, you may be responsible for dealing with the estate.
Our team of probate specialists has a wealth of experience in providing valuable assistance in such difficult circumstances.
We realise that it can be a daunting prospect, but our experienced probate solicitors will guide you through the process, explaining everything that is required of you in administering a deceased estate.
We can help you with:
- Obtaining a grant of probate.
- Calculation and payment of inheritance tax, Capital Gains Tax, and correspondence with HM Revenue & Customs.
- Collecting assets and arranging valuations.
- Payments of debts and expenses.
- Distribution of the estate to the beneficiaries.
For more information about how we can help or to speak to one of our local probate solicitors in Portsmouth and Waterlooville, call us on 023 9224 6666 or make an online enquiry.
Please note that this article is not intended to be legal or professional advice. It is for general guidance only, and updates to the law may have changed since it was published.
