What is probate and how does it work?
Probate is the legal process of proving that a will is valid and of distributing the deceased person's assets according to the will. In England and Wales, probate is handled by the Probate Registry, which is part of the government's HM Courts and Tribunals Service.
The first step in the probate process is to apply for a grant of representation. This is a legal document that gives the executors of the will the authority to administer the estate. To apply for a grant of representation, you will need to provide the following documents to the Probate Registry:
The original will
The death certificate of the deceased person
A list of the deceased person's assets and liabilities
A statement of the executors' names and addresses
If more than one person is named as an executor, you must all agree who makes the application for probate.
The Probate Registry will then review the documents and decide whether to grant probate. If the Probate Registry grants probate, the executors will be able to distribute the deceased person's assets according to the will.
The probate process can take several months to complete. The exact amount of time it takes will depend on the complexity of the estate and the workload of the Probate Registry.
If you are the executor of a will, you can speak to a solicitor or probate specialist to get advice on the probate process. They can help you to apply for a grant of representation and to distribute the deceased person's assets according to the will.
There are some additional things to keep in mind about probate:
There is a fee payable to the Probate Registry for obtaining a grant of probate. The amount of the fee depends on the value of the estate.
If there is no will, you will need to apply for letters of administration. In this case, the assets of the deceased person will be distributed according to the laws of intestacy. In such cases, the most ‘entitled’ person can apply to become the administrator of the estate, normally the husband, wife or civil partner or closest living relative.
If a will is challenged, the probate process may be delayed. This is because the court will need to decide whether the will is valid. This can typically cost upwards of £10,000 in legal fees, hence why it is important to ensure your will is legally binding to avoid your loved ones going through a very stressful and costly process.
Once probate is granted, an executor is able to gather and distribute the estate according to the will, which includes:
Gathering the assets: The executor must gather all of the deceased person's assets, such as their property, money, and investments. They will need to contact banks, investment companies, and other institutions to find out what assets the deceased person owned.
Paying any outstanding debts: The executor must pay all of the deceased person's debts, such as their mortgage, credit card bills, and outstanding loans. They will need to contact the creditors to find out how much money is owed and how it should be paid.
Distributing the assets: The executor must distribute the deceased person's assets according to the will. They will need to contact the beneficiaries and arrange for them to receive their inheritance.
Filing the final accounts: The executor must file final accounts with the Probate Registry. This is a document that shows how the estate has been administered and how the assets have been distributed.
The probate process can be complex and time-consuming. When writing a will, it’s important to choose executors who have the capacity to undertake this responsibility and are willing to act in your best interests. However, if necessary, your executors can delegate part of their responsibility to a solicitor or probate specialist, whose fees can be deducted from your estate.
