When a loved one dies, it can understandably be a hugely emotional and overwhelming time, especially when there are additional financial and legal processes involved. In some cases, you might find that you’re having to apply for probate.
Here, we explore what probate is and discuss the process involved. Understanding the key components of probate and the steps involved can ease the burden for those navigating this process.
What is probate?
At its core, 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. This process aims to provide a systematic and legal resolution to the estate, safeguarding the interests of all parties involved.
What is the probate timeline?
Probate doesn’t necessarily begin as soon as a person passes away. It does, however, usually follow a set timeline. Gaining a clearer understanding of the general timeline can help beneficiaries and executors navigate the process. The timeline that probate typically follows may include:
- Validating the Will: Is there a Will? And is the Will valid? If there’s a valid Will, you’ll apply for a grant of probate. However, if there isn’t a valid Will, you’ll apply for a grant of letters of administration.
- Valuation: Valuation of the assets, including what’s in the estate, any outstanding debt (eg. funeral costs and household bills) and inheritance tax.
- Application: Apply to the probate registry, with the Will (as long it’s valid). At this stage, you’ll provide all financial information.
- Grant issued: The probate registry – should they be happy with the information provided – will issue the grant (of probate or letters of administration) approximately 16 weeks later.
- Money collected: Once the grant is issued, the money is collected by the Executor or Administrator of the Will.
- Payment of debts: If there are any outstanding debts and taxes, these will then be settled using the funds that are available in the deceased person’s estate.
- Distribution of assets and estate: Finally, the remaining assets are distributed among the beneficiaries.
Which assets may be subject to probate?
It’s important to understand that not all assets are subject to probate. Typically, the types of assets that are subject to probate and those that are not may include:
Probate assets: These may include solely owned properties, bank accounts and personal possessions without designated beneficiaries.
Non-probate assets: Assets with named beneficiaries, joint tenancy properties and assets held in a living trust typically avoid probate.
What is the role of the executor or administrator?
The executor or administrator (their responsibilities are the same) will be appointed once the grant has been issued by the court. These are the individuals who are either named in the Will to oversee the distribution of the deceased’s estate or they are appointed in accordance with the intestacy rules.
The executor or administrator (you can have up to four) acts as the deceased’s legal representative and plays a crucial role in the probate process. The key responsibilities of the executor or administrator include:
- Filing court documents: They will start the probate process by filing the necessary documents with the probate court.
- Notification: They will inform beneficiaries, creditors and other relevant parties about the death.
- Managing assets: It is the role of the executor or administrator to manage and protect the deceased’s assets while probate is going on.
- Debt settlement: They will ensure the payment of debts and taxes from the estate.
- Asset distribution: The final role of the executor or administrator in the probate process is to oversee the fair distribution of the remaining assets among beneficiaries.
The potential challenges in probate
Although probate is a structured legal process, challenges might still arise. Potential challenges in probate include:
- Contested Wills: Family members or legal representatives may contest the Will if they are concerned about the validity of the Will or its terms.
- Creditor claims: Creditors may file claims against the estate, impacting the distribution of assets.
- Family disputes: Conflicts among family members regarding the distribution of assets can complicate the process.
Is probate always necessary?
Not every estate requires probate. In cases of small estates (less than £5,000) or assets held in a living trust, probate may be avoidable. However, consulting with probate specialists is essential to determine the most suitable course of action.
How Hughes Probate Services can help
While we can help make the probate process as clear to understand as possible, there’s no denying it can still be complicated and daunting, especially in difficult times or when you are grieving.
If you’ve found yourself needing to apply for probate, my advice would be to seek professional advice as soon as possible. At Hughes Probate Services, I can provide you with friendly and expert guidance throughout the process, to ensure you better understand and complete each step correctly. Get in touch with me, Julie Hughes, today.
