When a loved one passes away, it can be tough to know how to handle the legal matters of their estate and finances. Learn about the processes involved in probate and how they work, for our expert probate solicitors.
A grant of probate is a legal document, which gives the executor the authority to administer the estate of the deceased person. It provides access to bank accounts, as well as the authority to sell assets and settle any debts that are owed. You may have to apply for a grant of probate if you are the named executor in someone's will.
Only once probate has been granted can the next of kin or executor of the will begin to administer the deceased’s estate. Where there is a valid will in place, this should be done according to terms set out in the will. If not, the rules of intestacy determine how the estate should be distributed.
When is probate required?
It is quite common for a grant of probate to be required when a loved one dies, though the exact reasoning can vary from person to person. As a general rule, probate would be required where the deceased solely owns property or other high value assets held by a financial institution.
It’s important to note that banks and other financial institutions set their own limits on when probate would be required, so there is no fixed value at which you would need to apply for probate. That said, where assets do not include property and are valued at less than £5,000, probate wouldn’t typically be needed.
However, a financial institution may still ask for a Statutory Declaration to be completed before any money is released, to ensure assets and money are released to the correct person.
The probate process explained: step-by-step
As every will and estate is unique, the probate process can look very different for each person, varying depending upon what is included within the estate and the instructions left within the will (where a will is in place). It can involve a lot of complex legal and financial processes, particularly where the estate has a high value or includes many assets.
If you’re the executor of the will, however, there is a general process to follow.
Identify all the deceased’s assets and liabilities, including property, investments, possessions and debts, and determine their value and the overall estimated value of the estate
If applicable, pay Inheritance Tax to HM Revenue and Customs (HMRC). This is usually due where the value of the estate is more than £325,000.
Repay any debts or other liabilities. This may involve liquidating (selling) assets from the estate where necessary or instructed
Providing there are no challenges to the will, distribute assets and finances to beneficiaries in line with the terms of the will, or the rules of intestacy where a will in not in place
Very pleased with the service I received from Slater and Gordon. All actions required were carried out in a sympathetic and efficient manner. Clarification of requirements were indicated in a clear and precise detail with good communication.
Mr S, Lancashire (wills, trusts & probate case)
My lawyer was very helpful at all stages of the process. She explained things clearly and was very flexible and helpful in dealing with my challenging personal circumstances. I would highly recommend.
Ms G, Lancashire (wills, trusts & probate case)
I am thrilled with how fast my Grant of Probate was dealt with and how lovely everyone was. I would highly recommend their services.
Mrs E, Manchester (wills, trusts & probate case)
Only the person named as the executor of the will can apply for probate to administer their estate. If a will has not been created, then the person responsible for the estate will be determined by the rules of intestacy.
If you’ve been named as an executor of a will, but do not wish to administer the estate yourself, it is possible to get support from a solicitor. Our probate solicitors have supported hundreds of clients to effectively administer their loved one’s estates.
Depending on the will, the estate and the beneficiaries, carrying out your duties as an executor or administrator can be complicated and time consuming. While you are allowed to pay yourself any expenses back from the estate, you are not entitled to a reimbursement of your time. However, you can use legal representation to assist you. Our professional fees can be paid from the estate.
Our probate solicitors can assist you with tasks such as:
Applying for a Grant of Probate or a Grant of Letters of Administration.
Identifying and collecting in assets of the estate and identifying and paying any outstanding debts of the estate
Considering and settling the tax position of the estate
Communicating with the beneficiaries and distributing according to the will.
If there is no will, distributing the estate according to the rules of intestacy.
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Frequently asked questions about the probate process
How long does probate take?
Probate can take a few months to a couple of years, depending upon the complexity of the deceased’s estate, the terms of will, or if there are any disputes or challenges to the distribution of the estate.
Do I need a solicitor to apply for probate?
While it isn’t necessary to instruct a solicitor to apply for probate, the processes involved can be very complex and technical, particularly where the deceased has a large or highly valued estate. You may also not want to be responsible for directly administering their estate, and the support of a probate solicitor can be incredibly valuable.
To find out more about how we can help you ensure your loved one’s estate is handled according to their wishes, speak to our legal experts today on 0330 041 5869 or get in touch online.
How do I know if I need to pay Inheritance Tax?
Inheritance Tax is only due under certain conditions:
If the value of your loved one’s estate is above the £325,000 threshold
The deceased has not left anything over the £325,000 threshold to their spouse, civil partner, charity or community amateur sports club
Is probate needed if there is a will?
Whether probate is needed is not determined by the presence of a will; a will could state a named executor, and a grant of probate may still be required. This is because probate is determined by the financial situation of the deceased and where assets are held.
Where the deceased solely owned property, or other high value assets, it is likely you will need to apply for probate to manage their estate.
What is the threshold for probate?
There is no fixed threshold at which a grant of probate would be required. This is because banks and other financial institutions set their own limits. However, where an estate doesn’t include property and is valued at less than £5,000, it is unlikely probate would be needed.
Very pleased with the service I received from Slater and Gordon. All actions required were carried out in a sympathetic and efficient manner. Clarification of requirements were indicated in a clear and precise detail with good communication. Mr S, Lancashire (wills, trusts & probate case)
My lawyer was very helpful at all stages of the process. She explained things clearly and was very flexible and helpful in dealing with my challenging personal circumstances. I would highly recommend. Ms G, Lancashire (wills, trusts & probate case)
I am thrilled with how fast my Grant of Probate was dealt with and how lovely everyone was. I would highly recommend their services. Mrs E, Manchester (wills, trusts & probate case)