What is Probate?
Probate is the process of applying to the court to prove the validity and authenticity of the deceased’s will, and to confirm who has been appointed as Executor to administer the deceased’s estate.
After a grant of probate has been issued by the court, the Executor can then administer the estate by paying any debts due, and distributing assets in accordance with the deceased’s will.
When is probate necessary?
Financial institutions will each have their own thresholds/requirements as to whether they require a grant of probate before funds or assets can be released into the hands of an Executor.
Generally, probate will not be required if the estate is valued at less than £5,000, as most financial institutions will release funds lower than this.
Where the assets were held jointly, probate would not generally be required, as these assets would pass to the surviving spouse or civil partner as the assets were held jointly. However, some jointly held assets, such as property, may need a grant of probate where owned as tenants in common rather than joint tenants.
What if someone dies without leaving a Will?
When someone dies without a will, they are classed as having passed away “intestate”, meaning that their estate will then pass under the Intestacy Rules. The Intestacy Rules provide that where a person dies without a will, that their next of kin/closest living family members such as their spouse or children should benefit.
In these cases, the court would issue a grant of administration, rather than a grant of probate.
Executors
An executor the person appointed by the deceased to carry out the instructions set out in their will after that person has died. Duties of an Executor would generally include matters such as: –
- registering the death
- arranging the funeral
- investigating the deceased’s financial position and valuing the estate
- completing forms and providing documents to the probate registry and HMRC such as the IHT Return
- paying inheritance tax
- applying for probate
- notifying creditors
- selling assets, calling in debts of the deceased, and otherwise converting the deceased’s estate into cash
- distributing the estate to the beneficiaries named in the will
- maintaining accurate records including estate accounts
Why Ambrose Crookes?
We aim to take on the administrative burden to help you handle matters as quickly and efficiently as possible.
Under the Executor’s instructions we would generally deal with administering the estate as follows:
- Review of the estate papers
- Investigation into the value of the estate assets and liabilities (if any)
- Making contact with the relevant institutions such as the banks, pension providers, etc
- Preparing the IHT Inheritance Tax Return where applicable
- Obtaining grant of probate/administration
- Arranging the sale or transfer of assets
- Settling any liabilities identified, including income and other tax liabilities
- Distribution of estate assets
- Preparing final estate accounts for the beneficiaries
Ambrose Crookes Solicitors offer a free no obligation consultation to all our clients. We would therefore encourage you to contact us if you have any questions or require further asistance.