Dealing with the death of a loved one can be a difficult and emotional time. During this period, the last thing many people might want to think about is the legal and administrative processes that follow. However, probate is a significant process because it ensures that a deceased person’s estate is administered properly.
In this article, we ask what probate involves, discussing what steps you should expect and walking you through the various stages to give you a clearer understanding of what’s involved.
What is probate?
First, let’s define what probate is.
Probate is the legal process through which the estate of a deceased person is administered. This includes proving the validity of the deceased’s will (if a will exists), paying off debts, and distributing the remaining assets to the rightful beneficiaries.
The probate process is often carried out by an appointed executor (or personal representative). This individual is named in the will. If no will exists, an administrator will oversee the process.
Stage 1: Making contact with asset holders
The first stage in the probate process (https://bennettsmith.co.uk/wills-probate) begins with identifying and contacting all asset holders. This may include banks, pension providers and insurers that may hold assets that belong to the deceased.
A comprehensive list of all assets and liabilities will be put together, and the will – if one exists – will be located.
This stage also involves locating the will (if one exists) and making sure that the named executor or personal representative is aware of their responsibilities. If there is no will, rules of intestacy (an order of priority according to UK law) will apply, and the court will decide who should handle the estate.
Stage 2: Applying for the grant of probate
Once the necessary information and documents – including a death certificate, the original will (if applicable) and proof of identity – an application will be submitted for a grant of probate.
This legal document is the official recognition from the court that the will is valid (if applicable) and that the executor is authorised to handle the estate. If there is no will, the process is known as ‘letters of administration,’ and the court will appoint someone to manage the estate.
The application will be made to the Probate Registry, which is part of the UK’s court system. This application will include; the original will, a death certificate, a completed probate application form, an inheritance tax form, and a statement of assets and liabilities.
Issuing of the grant of probate can take anywhere from 8 to 12 weeks, depending on the complexity of the estate.
Stage 3: Notifying asset holders and applying for funds
After the grant of probate has been obtained, the next step is to notify asset holders of the death and begin applying for funds to settle debts and distribute the estate.
Financial institutions will be contacted to inform them of the death and provide the necessary documentation. This allows them to freeze accounts, transfer assets, or send the required information to settle any claims.
It’s also at this stage that any outstanding bills or debts of the estate need to be paid. This may include funeral costs, medical bills, credit card debts or other liabilities. These debts will need to be paid in full – the estate is legally responsible for settling them before the distribution of assets.
Stage 4: Distributing the estate
Once all debts and taxes have been settled, the next stage is distributing the remaining assets to the beneficiaries. This is done according to the terms of the will or the rules of intestacy.
All assets will be appropriately divided, and the distribution process is managed according to the law.
The executor will keep accurate records of all transactions, ensuring that each beneficiary receives their rightful share of the estate. If there are any disputes or issues over the will, they will need to be resolved before distribution can proceed.
Stage 5: Preparing estate accounts
The final stage in the probate process involves preparing and presenting the estate accounts. These accounts provide a detailed summary of the estate’s financial activities, including the assets and liabilities at the time of death, any expenses incurred during the probate process, and the distributions that have been made to beneficiaries.
Accounts are usually presented to the beneficiaries for review. In some cases, a final audit or review may be necessary, especially for larger or more complex estates.
Do you have any questions about how the probate process is carried out? Call the friendly team at Bennet Smith, probate solicitors North Wales-wide, on 01248 671994.
