6 Mar 2024
What is Probate and How Does it Work is the first blog in our Wealth, Wills and Probate blog series.
Probate is the legal process of dealing with the property, money and possessions, known as the ‘estate’, of someone who has died.
When is probate needed?
Depending on the value of the estate and nature of ownership, a grant of probate is normally required, however there are some exceptions:
If there is a will in place, a vital part of the probate process is locating it, so that the Executors of the estate and the wishes of the deceased are known.
If you’ve written your will with us, that part is easy!
The next step is to apply for the grant of probate. This process requires obtaining up-to-date valuations of all the assets held in the estate, completion of inheritance tax forms, and preparing a legal statement for the probate registry.
Once probate has been granted, estate accounts will be required detailing all the receipts and outgoing payments during the final administration period, so that the final distributions can be made to the Beneficiaries.
If there is no will in place, the rules of intestacy must be followed, which can be a lengthy process and requires Letters of Administration, rather than a grant of probate.
Here at Charlton Baker, we are not only inheritance tax specialists, but we are also qualified to assist with probate, meaning you do not need to instruct a solicitor. Please get in touch to find out more.