What is Probate
Introduction to What is Probate.
When you find yourself in the position of managing someone’s estate after they have died, you are sure to have questions and will help to navigate the process along with the grief you are experiencing.
Rather than having to pay out for expensive legal advice, we have all the information you need to work through probate – read our guide for more information.
What is Probate?
Put simply, probate is the process that you need to follow when you are left to manage a person’s estate after they have died. It covers their finances, possessions and assets and gives you the responsibility to see that their debts are paid from their estate as well as any taxes needed. Once everything has been organised and paid, the remaining sums are then distributed to the people that are set to inherit the estate.
Most people have a Will that sets out what their final wishes are and how they want their estate to be dealt with. As part of the Will writing process, the deceased will have named a person that administers their estate, they are known as the executors. It is the job of the executor to follow the wishes of the deceased and ensure that the estate is properly organised.
How Do You Start Organising Probate?
Before anyone can start to organise an estate, they must apply for a Grant of Probate that gives them the legal right to deal with the estate of the deceased. Until this is has been approved, an executor cannot begin work.
Once the Grant of Probate has been issued, it is the job of the executor to work through the estate of the deceased and put all their affairs in order. Once taxes and debts have been paid in full and all accounts and assets dealt with, the executor can organise for an inheritance to be paid, and it is at this point that probate comes to an end.
What Process Should I Follow for Probate?
If you are facing the daunting task of being an executor, the following process guide should help you to achieve probate with ease.
· Firstly, you will need to get all the details of the deceased person’s debts and all their assets. This includes financial accounts, property and possessions that must all be properly closed with final balances arranged and valuations agreed.
· Next, you must apply for your Grant of Probate to give you the right to start administering all the accounts that you have located and payout any inheritance.
· Once you have your Grant of Probate and have organised the estate, you will then need to submit an Inheritance Tax return and clear the balance in full.
· After the Inheritance Tax is paid, you will then get a Grant of Probate.
· Your Grant of Probate will allow you to pay off any debts you have found in the deceased’s name and then share the rest of the estate with any inheritors as per the Will. At this point, your role as the executor comes to an end.
Could There Be Any Problems with Probate?
In reality, the process of probate is not always as straightforward as you may hope it will be, and you should be aware that you may encounter disputes along the way if the estate is particularly complicated.
From HMRC to the beneficiaries and creditors, the executor’s role is to keep everyone informed and comply with the legal requirements so that any queries or complaints can be dealt with quickly and effectively.
How Quickly Will Probate Take to Complete
Probate is not a quick job to administer and can take on average a year to complete depending on the size of the estate and the number of beneficiaries and creditors. Some probate cases will take longer and encounter problems and disputes, but for smaller and more simple estates, probate can go through quicker.
If you find that you encounter disputes that you are not able to resolve, then it is important to see advice from a probate specialist so that you can continue to administer the estate and be able to find a way to complete the proves with all interested parties in agreement.
How Much Does Probate Cost?
The cost of probate varies per case and depends on whether you seek legal advice or complete the role on your own. The likelihood is that you will need to get some advice if the estate is large and there are lots of creditors or beneficiaries to contact.
However, an executor is not expected to fund the cost of probate from their personal reserves. They are legally entitled to pay the probate fees from the estate of the deceased. Therefore, it is important that these calculations are included in the creditor sums when you are organising where the finalised funds need to go.
Who Can Organise Probate for the Deceased?
Legally, only the named executor is able to apply for a Grant of Probate in order to administer the estate of the deceased. You cannot name yourself as an executor for the deceased if you have not been named in the Will.
However, some executors do not wish to administer the estate themselves and have the right to employ a legal service to do it on their behalf, the fees of which will come out of the estate and can be expensive.
If the deceased has not left a Will, then there are intestacy guidelines that will allow specific people to apply to administer the estate. Again, you are not able to name yourself an executor or estate administrator unless you have been issued with a Grant of Probate.
What Happens if I Can’t Find a Beneficiary?
One of the biggest issues for executors is finding named beneficiaries when they have lost touch with the deceased and the other beneficiaries. Your role as an executor is to find them so that probate can be finalised and their funds can be issued. When a beneficiary is not contactable to receive their portion of an estate, the Government will receive the funds instead, and so many executors spend a lot of time trying to track people down.
If you are in this position, then Probate Research Service is here for you! Not only can we advise you on how to go about finding beneficiaries, but we can complete beneficiary searches on your behalf, with results being provided in just ten days.
We have many ways to search for individuals both in the UK and abroad and offer a range of specific searches so that you can get the information you need in the most client-friendly way. Our service offers over twenty years of experience, and we understand the unique pressure you face as an executor that is unable to find a beneficiary. Why not take a look at our service page to get started today and be amazed at how simple it is to find the people you need to be able to complete probate on the estate you are administering.