Probate is something that you, unfortunately, may have to deal with at some point in your lifetime.
During the emotional time after a loved one has passed away, it can be difficult to handle these administrative duties, but knowing what to expect can help to put one’s mind at ease.
It is important to note that if there is a Will, only the executors named in the will can apply for probate. Whereas if there is not a Will, then the next of kin can apply.
Sometimes a grant of probate is not required if the person who passed away only had jointly owned assets or if the estate is under certain thresholds.
In the case that you do need to obtain probate, here is a step by step guide for what to expect:
- Firstly, the estate will need to be valued, which we can conduct.
An estate consists of property, land, cash, financial securities, possessions, and other assets that the individual controls.
The valuation will also need to consider any debts owed by the individual at the time of their passing.
- There may be Inheritance Tax due, depending on the value of the estate as well as who is set to inherit it.
As accountants, we are well versed with ensuring the relevant forms and payments are sent to HMRC.
- After the estate has been valued and any Inheritance Tax has been handled, you will need to apply for a grant or probate.
- Once the probate grant has been accepted, debts will need to be settled, including Income Tax payable to HMRC. We can assist with the process of calculating these and ensuring deadlines are met.
To settle the debts this may require assets to be liquidated, if there is not enough cash available.
- The final stage in the probate process is the distributions of the estate’s assets.
The estate will either be shared in line with the wishes outlined in the Will, or if there is not a Will then the amount will need to be correctly distributed according to the rules of intestacy, which we can assist with.
If you require assistance with probate, contact us for support.
