What is Probate?
Probate is the legal process of administering a deceased person's estate, ensuring that their assets are distributed according to their Will or, if there is no Will, according to the laws of intestacy.
When is Probate required?
You typically need probate if the deceased owned property, had significant assets, or if financial institutions require it to release funds. Probate may not be necessary for small estates or assets held jointly.
Who can apply for Probate?
If there is a Will, the executor named in the Will applies for probate. If there is no Will, the closest living relative can apply for letters of administration.
How long does Probate take?
The probate process can take several months to over a year, depending on the complexity of the estate and any potential disputes.
What happens if there is no Will?
If there is no Will, the estate is distributed according to the rules of intestacy, which prioritise spouses, children, and other close relatives. The court appoints an administrator to manage the estate.
Can I apply for Probate myself?
Yes, there are fees associated with applying for Probate. The cost can vary depending on the value of the estate but is usually around £300.
Who pays if I need help to apply for Probate?
Seeking advice can be beneficial, especially for complex estates to ensure that all legal requirements are met and that the process runs smoothly with the cost of that advice being an expense of the estate.
What is Inheritance Tax and how does it affect Probate?
Inheritance Tax is a tax on the estate of someone who has died. Before applying for probate, you must value the estate and determine if inheritance tax is due. See our article
here for more details. The current threshold and rates can be found on the HMRC website
here.
Can Probate be challenged?
Yes, Probate can be challenged if there are disputes about the validity of the Will, the executor's actions, or the distribution of the estate. This is known as entering a caveat.