The death of a loved one is never easy, and the stress of
organising a funeral and sorting out their affairs can often make an already
difficult time even harder. Probate is a word you might hear used a lot
following a death, but what exactly is it? Probate is a legal process that can
take a lot of work, and in most cases it’s extremely beneficial to have some
legal advice and support to guide you through. Here we will discuss what
probate is, the legal process and how professional solicitors can help.
What is probate?
In England and Wales, probate refers to the legal and
financial processes for dealing with the money, property and assets of someone
who’s died. The executor of the estate or next of kin is usually named in the
deceased’s will, but they will sometimes have to apply for probate before they
can claim, transfer, sell or divide any of the assets. Once a Grant of Probate
has been given, the executor or next of kin can begin the process of dealing
with the deceased’s assets in accordance with their will.
In cases where the deceased has died without making a will,
the law will decide how to divide up their estate.
The probate process
The entire probate process can be complicated, especially if
the deceased had a lot of property or wealth, and there are many legal,
financial and tax considerations. To make things easier, probate can be broken
down into five different phases, which we will outline below.
Phase 1: The first stage is actually identifying all the
assets; from property to stocks, shares and possessions, plus any outstanding
debts or bills, in order to determine the final value of the estate. The
executor will also need identification documents to prove they are entitled to
probate in accordance with the will.
Phase 2: Any Inheritance Tax owed must be paid, and a tax
return submitted if so. The executor must also apply for a Grant of
Representation from the Probate Registry; this will give them the legal
authority to begin dividing the estate.
Phase 3: Once the Grant has been issued, they can start the
process of selling any assets, settling debts, paying administrative expenses,
and any extra Inheritance Tax or Capital Gains Tax that is due.
Phase 4: Documents must then be prepared showing all ingoing
and outgoing payments from the estate, plus the final balance left to be split
amongst any beneficiaries listed in the will.
Phase 5: As long as there are no challenges to the will or
further complications, the remaining assets and monetary balance can be
transferred in accordance with the deceased’s will.
As you can see, the probate process can be
rather complicated, so if you need some expert help and advice, get in touch
with Smalley Solicitors. Based in Nottingham, our team of professional solicitors can guide you through
every step of the process and help you settle affairs as quickly and smoothly
as possible. To get in touch with our team, give us a call on 0115 955 6555 or
visit our website.
