In England and Wales, when somebody dies, there are a lot of financial and legal processes that need to be followed. When a Will has been left by the deceased, then the executors or family members will need to carry out the wishes that have been stipulated. In order to do this, a Grant of Probate is needed to access their property, money and possessions.
This Grant of Probate can either help to determine whether a Will is valid or confirm who has the authority to administer the estate of the person who has died. A Grant of Probate will be needed before any assets can be claimed, transferred, sold or distributed.
At Lovedays Solicitors, we have years of experience in probate law. This means we can help you to find out more about your own personal situation and help you to apply for a Grant of Probate if it is needed. This can be a complicated process at a very emotional time and so we will make sure that we offer complete support and transparent advice throughout.
Understanding the Grant of Probate
When someone dies, their next of kin will need to be able to access bank accounts, sell assets and settle debts. If a Will has been left behind, then a Grant of Probate will be needed in order for this to be possible. This gives the named person the legal authority to deal with the estate of the deceased.
Once probate has been granted, then the next of kin or the executor of the Will can begin to deal with the assets. The Will should set out how these will be distributed, but if they died without a Will then it is the law that determines who should be in receipt of the estate.
A Grant of Probate is different to a Letter of Administration as they are used in slightly different circumstances. Letters of Administration are usually issued in cases of intestacy where a Will has not been left by the deceased. This names a particular individual to administer the estate on behalf of the deceased, and the beneficiaries will be decided on the basis of a strict list of priorities.
It is extremely important to make sure that you have a Will in place so that the people you leave behind know exactly what your wishes were. This can make it much easier for your estate to be distributed as you wanted it and ensure the financial security of the people that you care about. Without a Will, the situation can become much more complicated and can often lead to many more disputes. It can also mean that assets are not left to the people who you wanted to receive them.
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Steps to Obtaining a Grant of Probate
Step 1: Locate the Will
When someone dies, it is important to make sure that you locate the Will they have left as soon as possible. This can ensure that the executors are able to follow the wishes of the deceased as early as possible. As a Will can also often contain funeral requests, it is important to make sure that this is found so that plans can be made accordingly.
As the executor of a Will is legally responsible for carrying out the instructions within it and handling the estate, it is important that they are informed of their position as soon as possible and are able to take receipt of the Will.
Step 2: Assess if Probate is Necessary
Once the Will has been located, you will then need to determine whether a Grant of Probate is necessary. This will often depend on the size of the estate that has been left. Where the estate only has a small value, the deceased only had savings in a bank account and did not own any property or they owned shares or money with others, then probate is unlikely to be needed. However, if the deceased had multiple high value assets or property which is in their sole name, then probate is much more likely.
Step 3: Value the Estate
The next step is to place a value on the estate that has been left behind. This will require you to identify all of the deceased assets and their liabilities in order to determine the exact value of the estate. This may require assistance from other professionals such as estate agents and solicitors to help you come up with an accurate value of the estate. This valuation is important as it will impact how much Inheritance Tax will need to be paid. You will also need to verify who is entitled to inherit and what they are entitled to under the terms of the Will.
Step 4: Pay Inheritance Tax
When the full value of the estate has been determined, then it may be necessary to pay Inheritance Tax. This is usually necessary if the estate is valued at more than £325,000 and is not being left to a spouse. Inheritance tax is paid at a rate of 40% and will need to be paid to HM Revenue and Customs (HMRC) using an Inheritance Tax return.
Any inheritance tax that is due needs to be paid by the end of the sixth month after the person has died. This can be paid from the bank account of the executor, a Direct Payment Scheme (DPS) or a joint account with the deceased.
Step 5: Apply for the Grant of Probate
In order to apply for a Grant of Probate, you will need the death certificate of the deceased and the original Will. If the value of the estate is over £5000, then there is an application fee for the Grant of Probate of £300. There are no fees if the estate totals less than £5000.
You can then apply for the Grant of Probate by post or online and you will need your supporting documents. This can be a complicated process and so you may prefer a solicitor to make the application on your behalf. Probate is usually granted within 16 weeks of submitting your application.
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The Role of a Probate Solicitor
Dealing with issues of probates can be complicated, especially if you do not have any experience in this area. It is also time consuming and can be an incredibly frustrating process. This is why many people choose to have a solicitor represent them or work with them to help guide them through the different stages of applying for probate.
They will be able to help you work out whether you need to apply for probate and can assist in valuing the estate for you. They will also be able to submit an Inheritance Tax form to HMRC and apply for the Grant of Probate for you. Solicitors, like those at Lovedays Solicitors, can then collect the assets of the estate and make sure that they are distributed accurately.
One of the most popular reasons for using a probate solicitor is to simplify the entire process, particularly as this is likely to be a stressful and distressing time for anyone who was close to the deceased. In addition to this, there can be penalties for any incorrect submissions which are made. Probate solicitors are in a position to help you avoid this. They can ensure that the application is correct and complete so that there are no delays or errors.
Inheritance Tax is another big factor when it comes to the distribution of a Will. Probate solicitors can not only help you calculate how much Inheritance Tax is due and help you to organise payment for it, but they can also try to find ways to minimise the amount that is owed.
Unfortunately, carrying out the wishes of a Will can sometimes lead to disputes within a family. Your probate solicitor can help you to deal with this by acting as a neutral third party to deal with any problems that might occur.
The legal professionals at Lovedays Solicitors have extensive experience in dealing with grants of probate and all that that entails. They can help to guide and advise you or act on your behalf to make the process a much easier one, and minimise any taxes, fees or penalties that might be incurred as a result. We will always deal with every case with the utmost sensitivity to make sure that dealing with the final wishes of a loved one is as straightforward as possible.
Common Challenges
Dealing with probate issues can be tricky and there are a number of challenges that many people can face. This is often most difficult when dealing with complex estates and so getting the advice of a professional solicitor can be essential. They will be able to help you look at all the different aspects of the estate to determine what its value is and how it should be dealt with.
There are often family disputes after a death, which can raise a lot of questions about the validity of the Will and what the wishes of the deceased might have been. Enlisting the support of a probate solicitor can ensure that there is a neutral third party to help deal with this. They can help to check that the Will is valid and legal and will be able to ensure that all of the wishes have been carried out as they are stated in the Will.
It is also important to have a good understanding of the tax implications of the estate and the wishes of the Will. You will need to ensure that you are able to calculate what Inheritance Tax is due and make sure that it is paid at the right time to avoid any penalties.
How Lovedays Solicitors Can Help
At Loveday Solicitors we can offer personalised and sensitive service. Our team have dealt with many probate cases and can therefore ensure everything is carried out correctly. We have a thorough understanding of all local laws and regulations to make sure that everything is dealt with professionally, properly and correctly. We will ensure that the Will can be dealt with in a prompt fashion to help minimise the risk of any penalties or family disputes that might arise as a result.
An efficient handling of the probate process by the team at Loveday Solicitors can help to make sure the wishes of the deceased are followed and that family members are able to receive everything that they are entitled to. By doing this efficiently, it is much easier for those who are grieving to deal with their loss, move on and gain closure without having long and complicated legal processes hanging over them any longer than necessary.
No two probate cases are ever the same as each estate will vary depending on the assets and the liabilities that it has. This will then be affected by the individual Will and the wishes that are stated within it. We will therefore offer you advice and guidance based on your own individual circumstances to ensure that every situation is dealt with according to its own unique position.
Conclusion
A Grant of Probate is an important document that will help you to carry out the wishes within the will of a deceased family member, friend or fellow professional. It will be required by any financial institutions that you have to deal with in order to show that you have the authority to deal with the assets of the deceased. Without this, funds cannot be released, and assets cannot be accessed.
This is a difficult thing for many people to handle and so it is important to have the team at Loveday Solicitors behind you to help act on your behalf or provide expert legal advice on your own situation. Feel free to get in touch with us now to find out more about how we can help you.
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