What is probate?
Probate is the process of administering a person’s estate on their death. It is a legal requirement for every individual who dies.
Even if someone leaves no assets or has left a will, probate must take place and a formal account of their estate presented for registration with the probate office. This account must show the full estate of the person who has died and all tax due must be paid before the estate can be settled and assets distributed.
Where there is a will, the executors are responsible for probate. Where there is no will, a representative must be found and the process is more complicated.
What is the process for probate?
The probate process involves:
- Collecting any money that is owed
- Paying any debts
- Paying any outstanding tax
- Dividing the estate amongst the beneficiaries
All personal assets in an estate (not including any held in joint names) remain frozen until this process is complete and the Probate Registry has issued the Grant of Probate.
Where an estate is very small (currently £5,000.00) the probate process is relatively simple. For larger estates, the complexity of the process depends on how well the estate was organised prior to death. And the more complex probate is, the more it will cost.
We can help you manage the whole probate process and keep the costs down.