Probate: What Is It And When Do You Need It
Probate is something we all might need to go through, and it’s much better to have knowledge about it before something happens.
In these times, we understand that peace of mind is very important, which is why we recommend looking for a solicitor such as Graham Evans & Partners Solicitors to seek legal advice or to probate on your behalf.
Here’s a guide to know about probate.
Definition of Probate
Probate can be defined as “the legal proceedings regarding the estate administration of the person who has died”. Usually, people refer to the assets held by the person who has died as estates. The process involves distributing and organizing the deceased’s estate as an inheritance – after the deduction of inheritance tax or settle debts.
If the person who died has constructed a will during his lifetime, there’s a big chance they appointed an executor to be his personal representative after death. The executor will have to fulfill the responsibility according to the will, usually related to money or property.
If the will does not state any executors, a person will be appointed to handle the estate administration.
Do You Need A Probate?
Check with the deceased’s financial institution such as a bank whether or not you’ll need probate to gain access to the account of the deceased. The conditions of different institutions may differ, so do check with them before proceeding to the probate process.
If the deceased only had savings and shared assets with joint names such as joint property, all the assets will be automatically transferred to the other owner.
Eligibility To Apply For Probate
There are a few situations that determine whether you are eligible to apply for probate:
- You have been named executor
- In the case without a will, the surviving spouse or relatives are able to apply
- The person died without a will, you’ll need to refer to the intestacy rule.
What if you do not want to handle the estate administration? No worries, you can assign a solicitor to apply the probate on your behalf.
What Is A Grant Of Probate?
A Grant of probate is a legal document that proves that the executor or person is authorized to organize the deceased person’s estate. You can apply for probate from the probate registry if you would like to be the executor or if you have been named as the executor. You will also need to present the death certificate of the deceased.
It is highly recommended to print multiple copies of the death certificate. Do note that the probate registry charges £1.50 per copy of the death certificate.
Probates are usually needed for many circumstances, for example, if the person who has died owned property and bank accounts that has money in them. Other intangible assets such as stock or shares also require probate.
A grant of probate is always needed regardless of whether the deceased left a will or not. The primary basis will always be the financial situation of the person who has died.
How Long Does It Take?
The length of the probate process varies on a case-by-case basis. On average, you’ll need at least a year to clear up the estate administration tasks. High-complexity cases tend to take a longer time.
In some cases, you might be faced with disputes by other parties such as authorities. These will eventually increase the time needed in the probate process.
What Should I Do After Getting a Grant Of Probate?
Once you’ve got your grant of probate, it means you have gained the legal authority and responsibility to manage the deceased’s assets. Get multiple copies of the grant of probate from the probate registry and distribute it to all the asset holders and ultimately request to release funds.
Your scope of work as below, but not limited to:
- Handling bank accounts
- Fund collection
- Paying taxes (eg. Inheritance tax)
- Liquidation of assets
- Estate distribution
Conclusion
It’s always good to know about probate and estate administration beforehand just in case something happens. It also also advisable to seek legal advice when you are weighing your options.
