Probate explained: what it is and when you may need it
Losing someone close to you is difficult enough without having to navigate unfamiliar legal and financial processes. If you are responsible for dealing with their estate, one of the first questions you may face is whether probate is needed. In this blog, we explain what probate means, when a grant may be required and who is responsible for applying.
What is a grant of probate?
A grant of probate is a legal document that confirms the authority of the executors named in a valid will to deal with the estate. It can enable them to access bank accounts, sell or transfer assets and settle outstanding liabilities.
If the person died without leaving a valid will, the equivalent document is known as a grant of letters of administration. Both documents fall under the broader term “grant of representation”. Once the appropriate grant has been issued, the person legally responsible for the estate can collect the assets, pay debts and distribute the balance. A valid will determines how the estate is shared; if there is no valid will, the intestacy rules apply.
When is probate required?
A grant is not required in every case. Whether one is needed will depend on what the person owned, the value of those assets and how they were held. Probate is more likely to be required where the person owned a property in their sole name or held substantial savings or investments.
Who is responsible for applying?
If there is a valid will, it usually names one or more executors who are responsible for applying for the grant of probate and administering the estate. If there is no valid will, the intestacy rules determine who has priority to apply for letters of administration.
Will Inheritance Tax be payable?
Inheritance Tax may be payable depending on the value and composition of the estate, who inherits and whether any exemptions or reliefs apply. The estate will usually need to be valued before the tax position can be established. As the calculation can be complex, taking advice at an early stage can help executors understand the reporting requirements and any payment deadlines.
How long does probate take?
There is no single timetable for administering an estate. The overall process can take many months and may take longer where the estate includes property, complex assets, tax matters or a dispute. The grant itself is only one stage: assets must still be collected, liabilities settled and the balance distributed to the beneficiaries.
How Keelys can help
Our team can guide executors and administrators through the probate process, from establishing whether a grant is needed and submitting the application to dealing with tax matters and administering the estate. If you would like advice tailored to your circumstances, please contact Keelys on 01543 420 000 and ask for one of our Private Client Team who will be happy to assist.
Catherine Elliott, Helen Jolly, Helen Phillips, and Alison Woodbridge are all on hand to help you. If you prefer, please email us on [email protected]