A Guide to Probate
Helping you with what’s next.
What is Probate
When a loved one passes away, a close family member (or sometimes a friend) will be granted the legal right to deal with the deceased’s assets – their money, possessions and property.
To be granted this right, you will need to apply for a ‘grant of probate.’ This is what we mean when we say probate. Essentially, it’s your legal right to administer someone’s estate. The people who have the right to apply for a Grant of Probate are the Personal Representatives (PRs) of the estate. PRs are either the Executors named in the Will or the next of kin following the Rules of Intestacy if there is no Will. There are different types of Grant depending on the circumstances and who is to deal with the estate.
The Process
Is there a will?
Firstly, you will need to check if there is a will, if there is it will give an indication of who is to administer the estate. If there is no will, usually, the estate will be passed to the next of kin. Read our Probate and Wills page for further information. Next, you will need to apply for a ‘grant of probate.’ A document that will give you the legal right to administer the deceased’s estate – their funds, property and possessions. Once you’ve done this, you will need to pay any inheritance tax that is due. Once you have collected all of the estate’s assets (e.g. funds from a bank account or sale of a house) you will need to settle any debts – credit cards, loans, unpaid utility bills etc. You will need to distribute the final funds/estate amongst the beneficiaries.
At this stage, it is no uncommon to have many questions, and for you to prefer to speak with a friendly voice, who can guide and advise you of the situation you may find yourself in. Please call our team on 0333 241 2496, who within a few questions, will be able to let you know if probate is likely to be required and the options available to you.
When is probate required?
Probate is required in the following situations:
- When property is held in the sole name of the deceased or as tenants in common
- When the deceased held assets typically worth £5,000* or more with financial institutions
- When the financial institutions holding assets in the sole name of the deceased require a Grant of Probate for the funds to be released*
- When the deceased benefited from a trust during their lifetime *Banks and other financial institutions may use a higher threshold than £5,000 before they require evidence of the Grant of Probate to release the funds, so it is worth checking with these organisations exactly what they require.