Probate is the process of settling a deceased person’s estate, which includes paying any taxes and outstanding debts, and distributing assets according to the deceased’s Will. The person in charge of this is known as the executor, who will be named on the Will. The executor will first have to apply for a Grant of Probate, and once this has been received, he or she will be legally responsible for administrating the deceased’s estate. If no Will was made, the estate will be distributed according to the rules of intestacy and a different process will need to be followed. In this guide, we’ll explain how probate works and how long it takes.
How Do I Apply for a Grant of Probate?
If you are the executor of a Will, you must first apply for a Grant of Probate. This is a legal document that you’ll need in order to access bank accounts, sell assets and settle debts – in essence, it gives you the legal authority to deal with the deceased’s estate. You can apply for a Grant of Probate online or by post here. Alternatively, you can pay a solicitor to apply on your behalf. Once granted and you have received the document, you can begin the rest of the probate process which we’ll discuss below.
How Do I Carry Out Probate?
The exact process for probate isn’t set in stone because every Will and estate is different. That being said, there are 7 basic steps or phases that probate usually consists of, which we’ll outline below:
- Collate all the details of the estate including assets and debts
- Verify the identities of the beneficiaries of the Will
- Apply for a Grant of Probate (as explained above)
- Pay any tax due and complete an inheritance tax return
- Repay any outstanding debts to creditors
- Prepare accounts for all payments into and out of the estate
- Transfer assets to beneficiaries and distribute estate according to the Will
How Long Does Probate Take?
Applying for a Grant of Probate can take up to 8 weeks. Once probate has been granted, it typically takes around 12 months to settle an estate, but it can take longer for complex estates or if there are any disputes during the process.
The Bottom Line
Probate is the legal process that involves verifying the deceased’s Will and then administrating their estate according to the instructions within the Will. This includes paying taxes, settling debts, and distributing assets. After gathering the details of the deceased’s estate, the executor must apply for a Grant of Probate, which gives him or her the legal power to execute the Will.
Although probate may seem like a big responsibility for the executor, it is a good position to be in compared to dealing with an estate where a Will was never made. In this scenario, the estate will be distributed according to the rules of intestacy, which can lead to unwanted outcomes and painful family disputes. If you haven’t made your Will yet, we can help you get this important task ticked off your To-Do list, and if you already have a Will, you can book in for a FREE Will Review to ensure it’s up to date.
At Michael Usher Wills & Estate planning we’ve been helping our local community for over 30 years. We’re regulated members of the Institute of Professional Will Writers – so you can be confident that you’ll receive a high-quality Will designed to protect your family’s future. Our friendly team is always happy to chat with you for free about your Will and answer any questions. Call us on one of the numbers below or book your FREE consultation here. We look forward to helping you protect your assets, your family, and your legacy.
Camberley: 01276 691979
COVID-19 Update
You are more than welcome to come into our office, but we can also make your Will remotely if you’d prefer – please read the article below to find out how this works.How To Make A Will Whilst Socially Distancing
