What Is Probate And When Is It Required?
Probate is the legal process of administering an estate – the assets and liabilities of a person who has passed away.
When a person dies, probate is usually needed to deal with the deceased’s estate. A person’s estate (or assets) usually refers to their money, property and possessions, at the time of their death. Probate is granted by a court and gives someone (the executor) the authority to administer an estate and carry out the wishes of the deceased as stated in their will.
The process of probate is used to prove if a will is deemed valid (when there is one), ultimately confirming who has the authority to administer the estate of the deceased in question.
Someone who is named an executor in the deceased’s will may need to apply for probate.
When considering the real possibility of having to go through probate at some point in one’s life, having the requisite knowledge and expertise in this matter remains of the utmost importance. Seeking legal assistance from an industry leader, such as Graham Evans & Partners Solicitors, can ensure peace of mind and support during a difficult period. Working with a reputable probate solicitor can assure your duties are managed correctly and promptly.
In this article, we will address what probate exactly is and when it is required.
Why is probate necessary in the UK?
In the UK, probate is necessary to ensure a smooth and legally valid transfer of assets from the estate of a deceased person.
If you are named in somebody’s will as an executor, you may have to apply for probate. This will be a legal document giving someone the authority to share out the estate of the deceased, according to the instructions of the will.
Individual circumstances will vary, so checking with the deceased’s financial institution will give you the answers you need. If their bank or other financial institution requests a grant of probate (also referred to as a grant of representation), this confirms probate is likely needed.
What Is A Grant Of Probate?
Grant of probate is the legal document issued upon completion of probate, and it grants the right to access and manage these assets according to the wishes of the deceased. Individuals can apply for probate via the probate registry, in the case of being named the executor.
Those named in the will or with inheritance rights may be warned by applying for probate – this allows them to confirm they are legally entitled to receive any inheritance left behind. Every probate application is unique, as it requires consideration of each individual’s circumstances.
Is probate required if there is a Will?
Probate can be difficult to understand and at times, it can feel like an additional burden to the probate process. Generally speaking, probate is required to make sure the validity of a will and that the decedent’s wishes are legally carried out according to their desires.
If there is a valid will present, probate is necessary to give legal effect to the provisions mentioned in it. However, probate may not be required if the estate does not contain certain types of assets. Thus the need for probate usually depends on the financial situation of the deceased.
Consulting with a probate lawyer is highly recommended, as they can provide specific legal advice and further clarify any questions or concerns you may have about probate.
How Long Does probate Take in the UK?
Generally speaking, probate in the UK is not a quick process and can commonly take anywhere from six months to two years to complete. The amount of time probate takes depends largely on how complex an estate is. However, once the grant of probate has been issued, allow for around six weeks for the estate to begin its distribution.
A probate lawyer can help handle all the paperwork that goes along with probate, making the process smoother and shorter than it might otherwise be.
Varying factors can contribute to probating an estate taking longer than expected, such as disputes arising from other parties. Nonetheless, probate lawyers have experience in navigating the system and working quickly to ensure probate is completed within a reasonable timeframe.
What do I do after receiving a grant of probate in UK?
After being granted probate from a court, you will be able to administer the deceased person’s estate. This includes collecting and managing their assets, paying inheritance tax and debts, and then distributing the remaining assets according to their wishes.
One of the first steps for probate is to get an understanding of the estate structure – identifying all the assets owned by the deceased, finding out about any dependent children or other people entitled to benefit from the deceased’s finances, gauging whether probate is needed from HMRC, and calculating any amount owed in Inheritance Tax that needs to be paid when probate has been granted.
Once probate has been obtained, it is then possible to carry out final declarations such as selling or transferring property, and executing distribution payments promised in the will. A probate solicitor should be consulted if there is any uncertainty over probate regulations or obligations during this process.
Conclusion
Probate can be lengthy and complex depending on the size of the estate, but consulting with an experienced lawyer can help make the process smoother and shorter than it might otherwise be.
Understanding how probate works and what steps need to be taken after receiving a grant of probate is essential for those who may be dealing with complex emotions surrounding a loved one’s passing.