Kerry Davey, a solicitor in the Private Client team at JMP Solicitors, explains the Probate Process when a loved one has passed away.
Dealing with the passing of a loved one can be an emotionally challenging time. Alongside the grieving process, there are practical matters that need attention, such as asset distribution and settling the deceased person’s affairs. This is where the probate process comes into play. The following steps will help guide you through the process and highlight important considerations along the way.
Understanding Probate
Probate is the legal process through which a Grant is obtained in order to administer and distribute the estate of a deceased person. Its main objective is to ensure that the debts of the deceased person are settled, any debts and inheritance tax paid, and the remaining assets are distributed among the rightful beneficiaries.
Key Steps in the Probate Process
- Initiating the Probate Process: The probate process typically begins by compiling a list of assets and liabilities as of the date of death. If there is a will naming an executor, or executors, they are responsible for the administration of the estate. If there is no will, the person or persons responsible are known as the administrators. Collectively, executors and administrators are known as the personal representatives.
- Compiling Assets and Assessing their Worth: The executor or administrator is responsible for identifying the deceased person’s assets. This includes bank accounts, property, investments, and personal belongings. In some cases, assets may need to be valued to determine their accurate value.
- Debt Settlement and Creditor Notification: Creditors, such as banks, mortgage lenders, and utility companies, must be notified of the death. The executor or administrator pays them using the assets of the estate. This ensures that outstanding debts are properly addressed before distributing the remaining assets.
- Tax Obligations: The executor or administrator is responsible for calculating and paying inheritance tax (IHT) due on the deceased’s estate. If IHT is due, this must be paid before a grant of representation can be applied for.
- Asset Distribution: Once all debts, taxes, and expenses are settled, the remaining assets are distributed to the personal representatives and among the beneficiaries as specified in the will, if there is one, or according to the laws of intestacy (if there is no will).
- Time and Expenses: The duration of the probate process can vary depending on the complexity of the estate and court caseload. It can take several months to over a year to complete. Probate also involves various expenses, such as court fees, legal fees, and other administrative costs. These expenses are typically paid from the estate’s assets.
- Legal Advice: Instructing a solicitor to handle your probate is a wise decision for several reasons. Solicitors bring invaluable legal expertise and knowledge to ensure that all legal requirements are met while minimising the risk of errors or complications. They manage administrative tasks, offer objective advice, address potential risks and challenges, provide estate tax planning strategies, and bring peace of mind during this emotionally challenging time.
Get in Touch
At JMP Solicitors, Kerry and her team are ready to offer the support and guidance you need. For further information, please reach out to us at 01476 565 295 or send an email to [email protected].
