Probate is a complex process, and it can be difficult to understand – especially if you’re dealing with it for the first time. And with so many myths and misconceptions flying around, there can be a lot of confusion about what probate actually is.
It’s a topic that is usually only considered and spoken about once a loved one has died, but understanding what it is and knowing the common myths associated with probate now can help you be more prepared if you ever need to deal with it.
In short, Probate is a court-supervised structured legal process. It ensures a deceased person’s debts are paid and that their assets are distributed according to their Will or, if there isn’t a Will, then by law, known as the Intestacy Rules. Let’s take a look at some of the most common myths and misconceptions about probate.
Myth 1: Probate is always needed
Probate does not apply to every estate. If the property and money in a person’s estate are jointly owned, they will pass to a spouse or civil partner and will not require probate. More complex estates typically require probate to help distribute money and property to the people named in the Will, also known as beneficiaries. Probate will also help determine any debts or taxes owed by the deceased.
Myth 2: Probate is a quick process
Probate can take several months. Getting the Grant of Probate can take up to 16 weeks or longer if more information is requested. The time it takes to complete the entire probate process will depend on the complexity of the deceased person’s estate and whether there are any disputes or complications. Remember, the probate process will always be the most seamless, quick and stress-free if you work with a professional.
Myth 3: If you have a Will, you won’t need probate
The purpose of making a Will is to set out your wishes and distribute assets once you are no longer here. If a person dies without a Will, it can make the probate process longer, but having a Will does not mean your estate will not have to go through probate. A well-executed Will can make the process go more smoothly, so it’s always good to have one in place.
Myth 4: Anyone can start the probate process
Only certain people can apply for probate. If there is a Will, then the executors of the Will can apply. But if they have passed away or there is no Will, the law states that only close relatives of the deceased can apply. If there are no close relatives, then other beneficiaries may be able to apply.
Myth 5: All assets are subject to probate
Not all assets are subject to probate. Typically, probate assets include solely owned properties, bank accounts and personal possessions without designated beneficiaries. Assets that may not be subject to probate include those with named beneficiaries in the Will, joint tenancy properties and assets that are held in a living trust.
Myth 6: Applying for probate is expensive
Probate is not always the financial burden people often think it is. The overall cost of applying for probate can depend on a number of factors including the estate size. Of course, the most cost-effective and stress-free solution is working with a professional, like Julie at Hughes Probate Services. I will ensure the process is as seamless as possible, with no unnecessary costs spent.
How Hughes Probate Services can helpIf you need probate support, Hughes Probate Services is here to provide friendly, expert guidance to help you understand the process and the steps you need to take. Please contact Julie, and we can chat through your specific requirements.
