When someone passes away, Probate may be necessary. This is when the executor or administrator of the estate acts on the future of the assets left behind. In this article, we consider different aspects of Probate procedures, and when it might be necessary to approach Probate solicitors in North Wales.
What is Probate?
Probate is the technical term given to the legal and financial processing of a deceased person’s assets. As a judicial process, a Will is “proved” in a court of law and validated as a legitimate public document, carefully reflecting the last written testament of the deceased.
In some instances, a Grant of Probate may be needed. In such circumstances, an executor will be called upon to administer the contents of a Will if one was written. In other situations, where no document was written, an administrator will be appointed to oversee an intestate estate. Authority is given to executors and administrators alike to represent the interests of the estate.
While Probate isn’t always necessary, estate administration must be seen through.
What is Probate for?
Probate is used to determine the formal ownership of assets, which might include property, bank accounts or other personal items, while facilitating their proper and secure transfer to the designated heir(s). As a legal procedure, Probate is necessary to ensure that the document is genuine, that the distribution of the deceased’s assets strictly adheres to specified instructions, that beneficiaries are fully informed and that any outstanding debts or taxes are settled. The process also involves notifying banks, building societies and government agencies of the person’s death.
What is the minimum estate value for Probate in the UK?
A decision on whether Probate is needed will be based on not just the value of the estate but also how and where financial assets are held. To this end, there will be consideration of varying thresholds, jointly owned assets and solely owned assets.
Financial entities will determine whether Probate is required on an individual basis, or whether they should have a set threshold. Each bank or building society has its own Probate threshold, often falling somewhere between £5,000 and £50,000.
There is a set fee in England and Wales for obtaining Probate, which is set at £300 for estates worth over £5,000. In cases where there is no property, and less than £5,000 in the bank, Probate will not be applicable.
When assets have been jointly owned, they often pass to the spouse or surviving owner, without a need for Probate, and once a death certificate has been issued. However, if assets were solely held by the deceased, Probate may be required to reallocate them. If two people owned a property as tenants in common, the deceased person’s share passes on to whoever is the legally named inheritor on the will.
Probate application process
Applications for a Grant of Probate can be lengthy, sometimes taking up to eight weeks to process. It is necessary to complete a PA1P form (where there is a Will) or PA1A form (where there isn’t) and send it to the Probate Registry with a death certificate. The death should be reported to the registry office, while the paperwork and funeral are attended to.
Any inheritance tax that is outstanding should be paid within six months of the death. Once the Executor or Administrator is in possession of the Grant of Probate, they are legally authorised to proceed. They may take this task on themselves or delegate it to a professional.
Here at Bennett Smith Solicitors, we offer a package of specialised estate solutions to clients across North Wales, sensitively taking care of all the admin and relieving some of the stress that comes with bereavement. If Probate is needed, it is recommended that you let a professional solicitor complete the application process on your behalf. While some people may opt to do it themselves, it can be difficult, complex and laborious, and you could be held financially liable in the event of any errors. If you are considering Probate options for a loved one and are looking at Wills solicitors in North Wales, then call us today to arrange a no-fee consultation.
