Navigating your way through legal paperwork can be tricky, especially when you’re grieving. To make things as clear and concise as possible, we’ve created a step-by-step guide to the probate process.
Step 1: Acquire a Death Certificate
To start the process, you will need to obtain a death certificate. In order to acquire this evidence, you will have to register the death with your local registry office using the documentation provided by the medical services.
It is likely that you will need multiple death certificates – one for each financial firm they dealt with while alive – as photocopies are usually not accepted. In England and Wales, each copy will cost £4.
Most councils will then inform government services of the death on your behalf, including the tax authorities, DVLA and the passport office. You will be provided with a reference code for this.
Step 2: Locate the Will
Once the will has been located – this is likely to be with a solicitor for safe keeping – the listed executor must be found. This is the person who has been named by the deceased as the individual they would like to handle their estate.
Read more: We Can’t Find the Executor of a Will – What Do We Do?
What Happens if the Executor of a Will Dies?
Please note: There may be more than one executor named.
If there is no will, the person has died ‘intestate’ and the responsibility falls to their next of kin.
Read more: 5 Common Myths Associated with Dying Without a Will (Intestate)
Step 3: Enlist the Services of a Qualified Probate Solicitor
Once the death certificate and will are secured, a probate solicitor can then be hired to help with the legalities of probate and estate administration.
Step 4: Assessing the Estate
The solicitor will begin by assessing the estate to establish the assets and/or liabilities of the deceased. Depending on the extent of their investments this can vary in timescale considerably.
Each financial establishment will need to be contacted for a final statement and any property must be valued.
Read more: Executors: Settling Estate Debts
Step 5: Applying for a Grant of Probate
The next step will see the solicitor complete a probate application form and a document establishing the IHT liability of the estate (how much inheritance tax is owed). An IHT 205 form will be used for estates under the £325,000 threshold, and the IHT 400 for above.
The solicitor will ensure these are sent off together with an original death certificate to the Probate Registry. You will be asked to swear an executor’s oath to confirm that all the details you have provided are correct.
Probate applications cost £215 and additional grant copies are available for an additional 50p each. It is recommended to order at least five or six copies of this.
Assuming HMRC accept the valuation and all details are in order, inheritance tax must then be paid before the grant of probate can be received. Inheritance may be paid from the deceased’s bank account if there is enough to cover the cost or through instalments should assets be held in property.
Step 6: Administering the Estate
The final stage of probate is to administer the estate. This involves the solicitor distributing all of the assets that they have identified, as directed by the will. Once inheritance tax has been paid, and probate granted, this should not be delayed.
A certified copy of the grant will need to be sent to the financial institution and the money will be paid into a special executor’s account. This must be separate to any existing personal accounts.
Once your solicitor has received confirmation of this, they will notify you so that you can make the appropriate donations to each of the listed beneficiaries.
Read more: What Happens If a Beneficiary of a Will Dies?
Please note: Once this has been done, it is important to keep details of any final accounts for at least 12 years. This is the maximum period that any claim can be made against the estate. You can learn more about contentious wills and probate here.
How long does the probate process take? It can take some months of legal work and form filling to apply for a grant of probate. Once applied for, a grant of probate should take no longer than 6 weeks to process. However, in complex situations it could take months to get to this stage.
Let Howells Help: Probate Solicitors in South Wales
Get expert legal advice on all aspects of wills and probate law by contacting our friendly team of experienced probate solicitors. Call 0808 178 2773 or click here to learn more.
