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    What is probate and why is it important?

    Dealing with the estate of someone who has died can be overwhelming, especially during such a difficult time. Understanding probate can make the process a little easier.

    Wendy Anderson, tax partner at PM+M, explains more in our latest blog.

    What is probate?

    When someone dies and leaves property, money and possessions – their estate – the executors need to determine who gets what and then distribute it. If the deceased left a will and appointed executors, they would need to get what is known as a ‘grant of probate’. However, if there is no will, the next of kin apply for what is known as a ‘grant of letters of administration’. This proves their authority to administer the estate.

    When is probate required?

    Probate is generally required when:

    • The deceased owned property
    • The deceased had stocks or shares in their sole name
    • The deceased had money in their sole name
    • There are disputes or legal proceedings related to the estate

    Usually, if the estate is worth more than £15,000, probate will be needed, but this threshold can vary by bank or financial institution according to their own rules and policies.

    When is probate not required?

    Probate is not needed if:

    • The deceased only owned property or bank accounts jointly with someone else (e.g., a spouse)
    • The deceased had more debt, tax, and expenses than assets

    For jointly owned property or accounts, ownership typically passes to the surviving owner without the need for probate, though proof of death and ID will be required.

    What if there is no will?

    If the deceased didn’t leave a will, their estate is considered intestate. The intestacy rules determine who inherits, generally starting with the spouse, then children, and other relatives. An application for a ‘grant of letters of administration’ is needed to authorise someone to manage the estate.

    How do I start the probate process?

    To start probate, you need a ‘grant of representation’, which can be:

    • ‘Grant of probate’ (if named as executor in the will)
    • ‘Letters of administration’ (if there’s no will or you’re not the named executor)

    You can apply through your local Probate Registry, or speak to the PM+M probate team who can successfully navigate all that needs to be done, as it can often be daunting and time consuming.

    How long does probate take?

    The duration varies with the complexity of the estate. On average, it can take 6-12 months, but simpler estates can be processed faster.

    What happens after probate is granted?

    Once probate is granted, the executor or administrator is legally responsible for managing the estate. This includes:

    • Closing bank accounts
    • Collecting funds
    • Paying off debts
    • Selling assets
    • Paying taxes
    • Distributing the estate to beneficiaries

    Get in touch

    For more information on how the highly experienced PM+M team can support you at a distressing time to guide you through the probate process and provide whatever advice you need, leaving you to focus on what is important to you and your family, get in touch with Wendy by clicking the button below.

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    Written by:
    Wendy Anderson
    Partner
    For more information about anything in the above article, please get in touch using the button below.
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