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 refers to a deceased person’s estate organisation after they have passed away. This includes distributing their property and possessions according to their will.
Executor(s) of the deceased person will apply for permission to take charge of this process.
When is probate needed?
Probate applications for estates valued over £5,000 cost £300. If the estate value is less than this, there is no application fee.
Other probate fees vary according to each situation. They are usually taken from the estate.
Scottish terminology for probate is slightly different. 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, depending on the circumstances.
For example, if the deceased person’s estate has a minimal value.
Some financial institutions require a minimum grant of probate value before releasing funds.
Furthermore, many people own assets with someone. For example a spouse or a child. In these cases, assets 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.
The UK government website has a probate application form (also known as a PA1P form).
You can 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.
Apply for probate
When the death is registered, you can apply for probate. This will cost you £300 if the estate’s value exceeds £5,000.
Complete inheritance tax form
Your next step should be to complete an inheritance tax form. This is mandatory, regardless of the estate’s value.
As part of this step, you must calculate the estimated estate value.
Contact relevant organisations
After this, you should notify relevant organisations about the deceased’s status. Some important places to get in touch with include:
- Banks
- Mortgage providers
- Building societies
- Government bodies
- Utility companies.
Check life insurance policies
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.)
Decide property plans
The next step is to decide what what to do with inherited property.
This can be one of the most challenging things to deal with.
You may need to consult family members or friends with a financial interest in the property. Ensuring a satisfying resolution for everyone can be complex.
Time varies
Remember that the time it takes you to complete 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 into your plans.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.
