A Simple Definition of Probate…
Probate is the process of ‘proving a will’. Essentially, you will need to obtain a ‘Grant of Probate’ to administer the deceased’s estate.
Managing the Estate
Managing the estate of someone who has recently passed away can be a stressful task, particularly during a painful and emotional time.
The person responsible for administering the estate may need to manage property and investment sales; inheritance tax and settle any outstanding debts. There is often a host of administrative, legal and financial matters to contend with.
Our aim is to help you during this difficult process by providing clear definitions and advice.
What is Probate?
Probate can be very confusing. Simply type ‘Probate’ into Google and there are hundreds, if not thousands of definitions provided, all of which have their own legal or complicated jargon.
What is a Grant of Probate?
Organisations such as banks and insurance companies require proof that confirms you are legally entitled to administer the deceased’s estate. They will not release any funds or give administrative access to the property without this document, which is often referred to as ‘Grant of Probate’. It can also be referred to as ‘grant of representation’ or ‘letters of administration’.
Who Deals with Probate?
You can apply for probate without the assistance of a solicitor. Although many families choose to go to a professional in order to assist them with the process. There are many reasons for this – you may not have the experience or time to deal with legal and financial matters, or may wish for someone else to deal with the process on your behalf, during a particularly stressful and emotional time. Many people choose to hire a professional when the estate is complex, such as an unclear will, the involvement of property or part of the estate being passed to a minor, for example.
Only you can decide which option is best for you. There are cases when you don’t need to apply for probate at all, such as when all assets are jointly owned or if the value of the assets is under £5000.00.
If you wish to talk to one of our probate advisors, they can give you a clearer idea of what support they offer and give you further advice. Just call us on 0808 168 5181
Probate and Wills
Over 40% of people do not have a will in place when they pass away. There is a legal process in place for when this happens, and assets will likely be given to the next of kin. To find out more about Probate and Wills, visit our Probate and Wills page.
If the deceased does not have a will, you will need to apply for a Letter of Administration, which again, gives you the right to administer the estate in the same way as outlined above.
How Long Does Probate Take?
Applying for a ‘grant of probate’ can take a couple of months to twelve months or longer. We would advise you apply for probate as soon as possible. To learn more about how long the process takes, click here.
