When faced with the emotional trauma of losing a loved one or friend, the last things you may want to deal with at this time are the associated legal, tax and administrative issues.
If you are tasked with administering an estate, you will take on numerous obligations and duties and you may find yourself unfamiliar with some of the terms used by the various institutions you contact.
Here’s what you need to know about applying for a grant of probate.
What is probate?
Probate is the process of proving that a will is valid and confirming who has authority to administer the estate of the person who has died.
Before the next of kin or executor named in the will can claim, transfer, sell or distribute any of the deceased’s assets, they might have to apply for a grant of probate.
What is a grant of probate and when is it required?
If executors are appointed in a will, they will apply for a grant of probate. This is a legal document issued by the court to enable the executors to deal with administering the estate.
For example, a grant of probate is needed to access bank accounts, sell assets and settle debts after someone has died.
If someone dies intestate (i.e., they have not left a will), then you will need to apply for a similar but different legal document called a grant of letters of administration. This works in much the same way as a grant of probate, giving a named person legal authority to deal with the estate of the deceased.
If any of the following apply, then it is likely that a grant of probate is required:
How to apply for a grant of probate
Grief over the loss of a loved one, combined with confusion about their legal responsibilities, can lead to many families delaying probate because they don’t know where to start.
However, delaying probate can cause further complications, including lack of access to funds, property losing value, and increased stress.
The first step is to seek legal advice. Our expert solicitors can guide you through the probate process and help you avoid common problems.
The next step is to collect details of the deceased’s assets and liabilities as soon as possible, to determine the value of their estate. This can include unused pension funds.
While many pension pots currently fall outside of Inheritance Tax (IHT) calculations, from 2027 the Government plans to include pensions within the scope of IHT.
Under these new rules, you will have to contact every pension scheme the deceased was a member of, confirm the value of any unused funds, and complete an HM Revenue & Customs (HMRC) calculation before you can apply probate.
Next, make sure that you pay IHT within six months of the deceased’s death, if you are required to, even if probate hasn’t yet been granted. Delays can result in interest charges and penalties.
Finally, confirm the beneficiaries of the estate and obtain their necessary identification documents.
Once the above steps have been completed, you will be able to apply to the Probate Registry for a grant of probate.
It can take several months for probate to be granted, with some families having to wait for over a year depending on the complexity of their estate. Submitting your application as soon as possible will save time and reduce stress.
Probate can be overwhelming, but it’s vital to act quickly. To make applying for probate as smooth and stress-free as possible, reach out to our team for expert advice.
