Probate - what is it?

Getting involved in the Probate process needn’t be a frightening prospect. Here is our basic guide to the ins and outs of Probate.

When someone close to you dies, it is a sad, stressful and challenging time. If you think you may have to get involved in Probate, you might feel it’s too much to deal with. You might expect arguments, scary legal terms and long, complicated forms including tax forms.

However, Probate can be quite a simple process if you handle it correctly and enlist the right help. You can also minimise problems in the future by taking the right steps now, while your loved one is still alive. Let’s find out more.

What is Probate?

This is a legal document issued by the Probate Registry to the people dealing with the administration of an estate.  There are various types of Probate documents depending on the particular situation.

What is administration of an estate?

Administration of an estate is the term given to the whole process of dealing with a person’s financial affairs after they die. This could include but is not limited to:

• Collecting any money or assets owed to the deceased person

• Finalising taxes (inheritance tax and income tax)

• Settling debts and expenses

• Preparing Accounts

• Distributing money and assets as inheritance to the beneficiaries

In most cases, the nature of the administration of an estate is directed by the deceased person’s Will. Problems can arise when a person dies without having made a Will.

The role of executors

When you make a Will, you nominate someone (or often, more than one person), to be your Executor. The Executor is the person who will undertake the administration of your estate.

An Executor should be somebody you trust – a close relative or a long-standing friend.

If you have been named as an Executor on someone else’s Will, it can be a daunting prospect. However, you can enlist the help of a professional.

The process for the administration of an estate

The first thing you must do as an Executor is obtain the original Will.  You may know where the Will is or, if not, a solicitor may be able to assist you with tracking down the original Will.

The next steps depend on the complexity of the estate but in general:

• Secure the assets

• Ascertain the value of the assets and liabilities at the date of death

• If Probate is required, complete an inheritance tax form for HM Revenue and Customs and pay any inheritance tax that may be due

• Apply for Probate

• Once Probate has been issued; collect in the assets, pay the liabilities and expenses and distribute the estate in accordance to the Will.

Please note, the above is the basic process and the actual work required will depend on the circumstances of the deceased.

What happens if there is not a Will? 

If someone dies without making a Will, it is called dying ‘intestate’. There are rules which determine who can deal with the administration of the estate and who the beneficiaries will be. This could lead to legal challenges from people in your family who believe they are entitled to something, while others close to you may lose out. These challenges can be expensive and complicated.

What problems can arise? 

Various problems can arise.  For example, there could be challenges to an existing Will from people who do not believe that it is valid. You can contest a Will if you can prove that it has been forged, the deceased was not of sound mind when they wrote it, or if they were coerced. There are also grounds to make a claim on an estate if you were financially dependent on the deceased, but they did not make provisions for you.

There may also be problems when Executors disagree with each other, or fall out with beneficiaries. The Executors have to produce Accounts and deal with HM Revenue and Customs. If people involved in the process live abroad, there may be other difficulties. However, you can always talk to a solicitor who can help you through the process.

Find out more from Couchman Hanson Solicitors

All in all, the administration of an estate usually takes around a year although, it could be longer depending on how complex the estate is.  The whole process is likely to run more smoothly if you involve a Probate solicitor from the start.

It is also recommended that you make a Will, or make sure your existing Will is up-to-date.

By speaking to a Probate solicitor, they will make sure your Will sets out your precise wishes. Contesting a Will can be a costly and stressful process; you do not want to inflict it onto your loved-ones because your Will wasn’t put together correctly.

At Couchman Hanson, our solicitors genuinely care about getting the best outcome for you. We’re highly professional, with ‘city’ level talent and experience, but also friendly and welcoming. Everything we do fits with our values of integrity, honesty and authenticity.

Call 01428 722189 or email enquiries@couchmanhanson.co.uk

Please note, the above information is not an exhaustive explanation of Wills and Probate.  We recommend you speak to a Wills and Probate solicitor about the specific circumstances of your situation.