Everything You Need to Know About Probate

Here at Thames Valley Will Services, we understand that dealing with the loss of a loved one is never easy, especially when you’re tasked with handling their estate. Depending on the particular set of circumstances, including the validity of a will and the complexity of the estate, there are a few processes that you may have to go through to get everything organised – one of which is probate.

If you’re trying to organise the estate of someone that’s passed and know that probate is required, you probably have many questions about how it works. Thames Valley Will Services are highly experienced in undertaking probate applications, so we’ve used this knowledge to create a guide that explains everything you need to know.

What is Probate?

Probate is the legal and financial process of dealing with the property, money, and possessions of a person who has died.

As you can probably imagine, there are a lot of tasks involved in this. Undertaking probate includes time spent proving the validity of a will and confirming who can administer the deceased’s estate.

The decision as to who needs to administer the estate can be made a lot easier if the deceased left a will, and they specified within it who they wanted to name as the executor of their will. This individual will then be the main person tasked with administering the estate – if you’re in this situation, contacting experts such as Thames Valley Will Services is a great way to go.

What is a Grant of Probate?

Before proceeding with this process, the will’s executor must apply for a legal document called a Grant of Probate. Doing so will give them the authority to access bank accounts as required and deal with assets and debts in the deceased’s name.

If a valid will exists, the executor should use the grant of probate to follow these requests. If the deceased did not leave behind a will, a grant of letters of administration could be used instead, which works in the same way as a grant of probate.

The Probate Process

It’s understandable if you’re confused about how probate works – most people have no actual knowledge of it until they have to apply for probate on behalf of a loved one that’s passed away. Every estate and will is slightly different, and the specific probate process widely differs. However, there are five key phases in the probate process that you can expect to experience:

1. Gathering the details of all of the deceased’s assets (possessions and investments) and liabilities (debts and bills) to determine the estate’s value. At the start of probate, you will also need to verify the will’s legality and identify who’s entitled to inheritance from the estate.
2. Once the introductory phase has been completed, you will need to pay Inheritance Tax to HMRC as applicable and submit the correct Inheritance Tax return (even if there’s no tax to pay) before applying for a Grant of Probate.
3. Once the Grant of Probate has been issued, it’s time to sell any assets as required and settle any outstanding liabilities. You will also need to pay the final estate administration expenses and accounting to HMRC for any further taxes due to or from the estate.
4. The next step is to prepare estate accounts for all necessary payments and show the balance left for distribution to the beneficiaries.
5. As long as no parties challenge the estate, the final stage is to transfer assets to the beneficiaries and distribute the estate’s balance in line with the terms of the will or intestacy rules.

Do I Need Probate If There is a Will?

One of the most common questions Thames Valley Will Services hear is whether probate is required when there’s a will. The simple answer is that the existence of a will doesn’t matter because probate is a very similar process either way. The deciding factor is the financial situation of the deceased’s estate – if the organisation of this requires legal approval, then the completion of probate is necessary.

How Long Does Probate Take?

Probate ends once all debts have been paid and any inheritance is passed on. The completion of this can take around a year for typical estates. The exact amount of time will depend on the size and complexity of the estate, with any disputes leading to delays in administering the estate.

Bracknell Probate Services

Once the will is complete, confirming the document’s contents is very simple. All you’ll need to do is review it, print the will out and get two individuals to help you get the document signed and witnessed, making it a much more straightforward way to create this essential document. After that, all you need to do is store the will somewhere safe, and you can carry on enjoying life without worrying about the impact of your will in the future.

Contact Local Will Writers Today

If you’re looking for probate services in Bracknell and other locations across Berkshire, you should contact Thames Valley Will Services today. We deal with legal services, including the power of attorney, asset collection, taxation advice and estate distribution and are here to make handling the estate of a loved one a little bit easier.