What is Probate and How Does it Work: Frequently Asked Questions
When someone passes away, there’s often a great deal of paperwork and legal processes that need to be handled. One of the key processes that come into play is probate. But what exactly is probate, and how does it work?
What is Probate (in short)?
Probate is the legal process that must take place for a deceased person’s estate to be administered and distributed, which will be done by the named Executor within the Will, assuming they had one. The Will would need to be in its original form and be verified as valid. Assets need to be identified and totalled, and any debts or Inheritance Tax would need to be paid before Probate can officially be applied for and granted. Once Probate has been granted, the Executors will be in charge of distributing the assets to beneficiaries as instructed within the Will.
How Long Does Probate Take?
The length of the probate process can vary widely depending on the size and complexity of the estate, how long it takes to gather information/assets, and whether there are any disputes among family or beneficiaries. Generally, probate can take anywhere from several months to over a year.
In simple cases, where there’s a clear will, a small estate, and no legal disputes, probate may be completed more quickly. However, larger estates or those involving contested wills, complex assets, or legal challenges can take much longer.
Regardless, when the final Probate application is sent off, the average wait time for a grant is 16 weeks, although it has been known for some people to wait over a year for probate to be granted.
Is Probate Always Needed?
Probate is not always needed! Typically, small estates under £5,000 (with no property) will not need a Grant of Probate, although the bank may request proof of Executorship through the original Will. All banks will have different policies on when they are allowed to release funds with no grant, so it is always worth checking.
What If the Deceased Did Not Leave a Will?
If the deceased did not have a Will, then Letters of Administration will need to be applied for rather than a Grant of Probate.
Not everyone is entitled to apply to be an administrator; there is an order of priority that needs to be followed: Spouse or civil partner, children (including adopted, but not stepchildren), grandchildren (if no surviving children), parents, brothers and sisters (including half-brothers and sisters), nieces and nephews (if no surviving siblings), grandparents, uncles and aunts, and then finally cousins (if no surviving uncles or aunts).
The appointed administrator will need to carry out a similar process to a Grant of Probate, including identifying and valuing assets, paying off any debts and Inheritance Tax, and completing the appropriate forms.
When it reaches the point of distribution, as there are no terms of the Will to follow, the Estate will need to be distributed under the Rules of Intestacy. This means assets will be allocated to closest surviving members in a strict order. If there is a spouse or civil partner as well as children, then the spouse will receive everything up to £270,000, and half of the remainder of the estate. The remaining half would be divided equally among the surviving children. If there is no spouse, then the list of priority proceeds the same as it would for entitlement to be an administrator.
What Can Pro-law Do to Help?
Some people feel more comfortable seeking legal advice rather than undertaking the process themselves, whether that be on a smaller scale or asking a firm to take over the process completely.
At Pro-law, we are a professional legal consultancy and are able to guide Executors (or Administrators) through the process of submitting their own personal applications. We have found that clients appreciate this way of working, ensuring guidance is given and everything is completed correctly, without taking it completely off their hands and keeping them in the dark. It is also a lot more cost effective!
As we are not a Solicitor’s practice, we cannot take on the role of submitting applications for you, but we are confident in guiding you through the process.
