Probate is the process of acquiring the court’s permission to comply with the wishes of someone else’s will. It might not be required if the deceased’s estate only involves small savings, if property was owned as joint tenants or if shares or cash were owned with others.
So, first, you need to check if probate is required
What does probate involve?
Probate requires the court’s permission to carry out the wishes defined in someone’s will. If you are named as an executor in the will you can apply for probate, or if there is no will left, the closest living relation can apply.
Naturally, a local advisor will be the first port of call. If you are looking for a solicitor Gloucester or the environs, experienced solicitors such as www.deeandgriffin.co.uk can give help and advice.
The Stages of Probate
1. The first stage involves contacting banks, life assurance companies, building societies, pension providers and utility companies to notify them of the death and to acquire a valuation of any assets held by those organisations.
2. Now you can move on to apply for a grant of administration for the estate. If a will is in place, you apply for a grant of probate, otherwise for letters of administration. Inland Revenue has a threshold of £325,000 for Inheritance Tax and if you are below it, then no more details are required. However, if the estate is taxable, you should complete an IHT400 form and any tax due must be paid before probate will be granted. The time limit for this is six months after death.
3. Now asset holders such as banks must be notified via a copy of the grant of probate. Good practice suggests that a statutory advertisement should be published to notify beneficiaries as well as creditors.
4. Liabilities and debts have to be paid first including tax owed, estate and funeral fees, outstanding bills and any benefit overpayments paid prior to death.
5. Now the estate can be distributed to those who are listed as beneficiaries, and finally the estate accounts must be prepared.