Probate is the process of executing and distrubuting someone' estate according to the wishes laid out in their will. Do you have any questions about probate? Chat to us online or call our probate team today on 0800 0238967 for free help.
In England and Wales, probate is generally a word used to describe the financial and legal processes of a person after they have died. Probate therefore generally refers to dealing with property, money, and possessions. Probate is often required before the Executor named in the will can claim, transfer, sell or distribute the deceased's assets.
If you have been named an executor in a will there are specific rules on how you notify officials and distribute an estate.
You'll need a grant of probate to manage this process.
Below we have broken the process into 5 sections:
This can include property, investments, possessions, and debts ranging from loans to utility bills. This will be used to help value the deceased's estate.
First, the executor will need to complete the Inheritance Tax form. Once this form is filed, HMRC will tell the executor how much Inheritance Tax is owed. Sometimes there is no Inheritance Tax owed. If there is Inheritance Tax owed, the executor will need to pay it. As part of this section, the executor will also need to apply to the Probate Registry for the Grant of Representation; a document that confirms they have a right to administer the estate.
This stage mainly involves selling the deceased’s assets and paying off their outstanding liabilities. This includes, but is not limited to, the final estate administration expenses and accounting to HMRC for any Income Tax, Capital Gains Tax or additional Inheritance Tax due.
Preparing the estate accounts includes documenting all payments in and out of the estate as well as documenting the balance left for distribution. These accounts are shared with beneficiaries.
If there are no challenges to the estate or other issues stopping the process, the final section involves transferring any assets beneficiaries wish to retain and distribute the balance of the estate funds.
Are you still unsure or confused? Chat to us online or call our probate team today at 0800 0238967 for free help.