What Is A Grant Probate?
A Grant of Probate is a legal document that is obtained from the court which appoints and grants executors the legal authority to act in the administration of a deceased’s estate.
The executor/s will have the right to then deal with the assets in a deceased’s assets in accordance with the deceased’s Will. In instances where there the deceased left no Will, the next of kin would instead apply for a grant of letters of administration.
Is a Probate required at all times?
No. Whether a probate is required is contingent on the size of the deceased’s estate. If there is no property and minimal savings, it is unlikely a probate would be required.
A probate will not be required should the individual who died:
- Owned any joint assets (including land, property, shares or money)
- Only had savings or premium bonds
Overview of the estate administration process:
The administration process begins upon the death of the testator. If the deceased’s Will sets out who the executor will be, the executor will need to:
- Investigate and identify all of the deceased’s assets and liabilities to ascertain the true value of the estate. Assets can include any property and land, savings, investments and any other personal possessions whereas liabilities can include any of the deceased’s debts which range from bank to utility bills. At this stage it is also advised to open an executor’s bank account and should also notify all relevant companies and organisations (such as the bank and utility companies) to inform them of the death.
- Make an application for a Grant of Probate. This can take up to 4 to 8 weeks once the application has been submitted but can take up to 12 months for more complex cases. If required, the executor may need to attend an interview at the Probate Registry.
- Pay Inheritance Tax to HMRC should it apply and submit the Inheritance Tax return (IHT205) within six months after the death of the deceased.
- Arrange for the preparation of the estate accounts which will reveal the payments in and out of the estate, the valuations for each assets and any debts outstanding and the total amount left to be distributed to the beneficiaries.
- Pay any debts of the estate which may be payable (including any funeral expenses).
- Distribute the estate to all the named beneficiaries in accordance with the will of the deceased.
- Once the estate has been distributed accordingly and all the assets are released from the executor’s control, the executor’s bank account can be closed which finalised the probate process.
Get in Touch
We understand that it is not always straightforward to understand a grant of probate. Should you have any queries in relation to any of the points mentioned within this update, please do not hesitate to get in touch with Daniel Wilson.
You can also find out more about our EMW Wealth team here.
The information contained in this update is for general information purposes only and is not legal advice, which will depend on your specific circumstances.