During probates, you will likely encounter unknown terminology and requirements.
At the same time, you are also dealing with the grief of losing a loved one.
This short guide should give you all the information you require.
What is probate?
Probate is sorting out someone’s ‘estate‘ (property, money and possessions) after they have passed away by their will.
Typically, the executor(s) of the deceased person will apply for permission to take charge of this process.
When is probate needed?
According to the UK Government website, if the estate’s value is more than £5,000, the application for probate will cost £300. If the value is less than this, there is no application fee.
Other probate fees vary according to each situation, but they can typically be taken from the estate.
Keep in mind that the terminology for probate is slightly different in Scotland, where it is called ‘confirmation’, regardless of whether or not a will exists.
By contrast, in England, probate refers to dealing with an estate when a will exists.
Is probate always necessary?
It is sometimes possible to avoid probate entirely, depending on the circumstances.
If the deceased person’s estate has a minimal value, you will typically not need to go through the probate process.
This is because some financial institutions have a minimum value below which they don’t require to see a grant of probate before releasing funds to those in the will.
Furthermore, if the person who passed away jointly owned their assets with a surviving person (for example, their spouse or civil partner), these will be automatically transferred to them.
How easy is it to submit a grant of probate?
Before applying for a probate grant, you must ensure that probate is necessary.
Please see our guidance in the section above and speak to an expert in this field to determine whether this is the case.
The UK government website has a probate application form (also known as a PA1P form).
You can either print this document and send it by post to the address listed on it or complete your application online.
After that, you can track the progress of your probate.
What details will I need to complete the probate process?
To complete the probate process, you will need a few essential documents. These include:
- A will
- Birth certificate
- Death certificate
- Any codicils to the will (a legal document outlining any changes the deceased may have made)
- Marriage or civil partnership certificate
If you are reading this while a loved one is unwell but has not yet passed, consult them to ensure all these documents are in advance.
You may also want to find any other paperwork relating to the property or other assets, just in case they become relevant.
Can I complete probate without a solicitor?
Yes, it is possible to complete probate without a solicitor’s help. If you opt for this route, you must follow a few key steps.
Firstly, once the death has been registered, you can apply for probate. As mentioned above, this will cost you £300 if the estate’s value exceeds £5,000.
Your next step should be to complete an inheritance tax form. This step is mandatory, regardless of whether the estate’s value is above or below the tax threshold.
As part of this step, you must calculate the estimated estate value.
After this, you should contact all the relevant organisations and bodies about the passing of your loved one. Some important places to get in touch with include:
- Banks
- Mortgage providers
- Building societies
- Government bodies
- Utility companies
You should also check whether you can claim any life insurance policies.
Next, you should pay off any debts or inheritance tax owed if you are the executor/administrator of the estate.
The next step is to decide what will be done with any inherited property.
This can be one of the most challenging things to deal with.
You may need to consult with your siblings, family members, or friends with a financial or emotional interest in the property. Ensuring a satisfying resolution for all of them can be complicated.
Remember that the time it takes you to complete all of the above steps will vary based on:
- The size and complexity of the estate
- Whether there is an inherited property
- Whether the will is disputed.
A grant of probate typically takes between four and eight weeks to arrive, so this time must also be factored in.
Can I live in a property during probate?
Beneficiaries can live in a probate property if executors consent to it.
However, you should not alter or empty the property until after the probate process.
Can I sell a property in probate?
Yes, you can sell a property in probate.
Firstly, you should arrange a few independent valuations with an estate agent who can accurately estimate the probate property’s current market value.
Furthermore, suppose the house is empty while listed on the market. In that case, you should check if a life insurance policy still covers its contents.
You should also ensure that the house doesn’t feel too damp or empty when people look around by occasionally turning the heating or lights on.
In most ways, the sale of a probate property is no different to the sale of an average property. However, you must wait until the probate process has formally finished before you sell the property.
Contact us today if you would like to sell your probate property quickly.
