Taylormade Estate Planning are here to help you with all things Probate
When a person passes there are many difficult decisions to be made with regards to their estate. The probate process is the proving of the will, and can be a traumatic experience having to deal with the life of your passed loved one.
Frequently Asked Questions About Probate
What probate means
Probate is the official proving of a will. It is the legal and financial process of administering the property, money, and possessions of a person who has died.
How Probate Works
Probate involves the organisations of finances, assets or property and the distribution of each, after the debts and, or taxes (plus any other expenses) have been paid.
If an individual is named in somebody's will as the executor, then they may have to apply for probate. The executor of the will must apply for a Grant of Probate. A Grant of Probate is a legal document that allows the executor to share out the estate of the deceased party as per the instructions named in their will.
How long does probate take?
The length of time that probate takes is entirely dependent on the scale of the estate, and the complexity of the will. It can take up to a year for the probate process to complete.
The process of probate can take longer if there are any disputes with the will, for example, if it is contested.
Who can apply for probate?
Only the person who has been named in the deceased's will as the executor is allowed to apply for probate.
If a will has been left - the executor(s) will need to apply for a grant of probate.
If a will hasn't been left - the next of kin will need to apply for a grant of letters of administration.
The process of probate
As mentioned above, the process of probate can often be a lengthy one, especially if an estate is quite complex. The standard process of probate looks something like this in most cases;
Register the death
Find out if there is a will (If there isn't, intestacy rules govern how their estate should be distributed)
Apply for a grant of probate (This part of the process involves a lot of filling out forms)
Sort inheritance tax
Tell all associated organisations & close the deceased's accounts
Pay off any outstanding debts the deceased had
If the deceased party had life insurance, it can be claimed
Value the entire estate (This includes finances, personal possessions, insurance and property & land)
Share out the remaining assets
Without a valid will, the laws of Intestacy are invoked, which mean that relatives who you perhaps never knew or never liked may inherit your estate.