When someone close has died, the prospect of dealing with probate can seem daunting. But with good preparation by all of us before our deaths, the process is made simpler for those we leave behind.
What happens next when the person who has died has made a Will?
What is probate?
Probate is the legal right to handle someone’s money, property and possessions after their death, such as organising money and shares, and selling property and possessions, in order to distribute the value of the estate to beneficiaries.
An executor named in a Will should only start to sell property and to make plans for the estate once probate has been received.
Who should apply for probate?
Executors named in the Will can apply for probate.
Even where a Will is in place that names executors, probate is often required before the estate can be distributed. Financial institutions each have their own minimum probate thresholds, above which probate is required before they will release funds, and if property was owned solely by the person who has died, probate will be required before it can be handled.
An executor is appointed to handle the estate, but will only receive value from it if also named as a beneficiary.
What information do I need for my probate application?
Before you apply, you’ll need to get together details and an estimated valuation of the estate’s assets, as well as debts owed.
Your estimate should include the value of the estate’s assets on the day the person died, the value of any gifts they made in the 7 years before they died, and the value of any trusts that the person who died benefited from. The valuation estimate determines how much Inheritance Tax is due on the estate.
When you apply for probate, you’ll need to send the original, most recent, Will with your application. If you know you’re an executor of a Will, make sure you find out where the original document is stored while the person who made it is alive.
What if the Will names more than one executor?
Up to 4 executors can be named on the probate application. You’ll need to decide who is to apply, but if only one executor makes the application, they must prove that they tried to contact the other executors before they applied.
The executor is unable to apply for probate. What happens next?
If an executor has died, or has a mental health condition or impairment that means they are unable to apply for probate, the Will may name a substitute. Check whether the conditions for any substitution are satisfied and, if so, the substitute executor can apply with others.
If there are other executors named but no substitutes, the remaining executors should proceed to make the application.
What if there are no other executors?
If there are no other named executors or substitutes, an ‘entitled’ person – a beneficiary under the Will – should apply.
How much does it cost to apply for probate?
This depends on the value of the estate, but for estates valued over £5,000 the fee is £300.
This fee doesn’t include any legal fees charged by your probate solicitor, if instructed.
How do I make my probate application?
Where there’s a Will in place, apply for probate online or by post. Having estimated the value of the estate beforehand, you must report the estate to HMRC and start paying Inheritance Tax, or receive correspondence from HMRC, before you apply for probate.
You can apply for probate yourself, or instruct a probate legal expert to apply on your behalf.
Looking for probate legal advice? Adroit’s expert legal panel will be happy to offer you a free 30-minute consultation and a fee quote based on our discounted rates. Just get in touch and ask for a referral.
A Will makes things easier for those close to you
A Will makes life easier for those we leave behind.
Not only will you have protected their interests, particularly if you live with a partner or where you have dependents, but by making some difficult decisions for them – such as setting out what is to happen to your estate after you die, who is to manage your estate and what is to happen if any executors die before you – you’re helping them through what is likely to be a challenging time.
This article has been prepared by Adroit Legal Services and is not intended to constitute legal advice.
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