The Probate Process in the UK: What You Need to Know
Losing a loved one is one of the most difficult things that anyone can experience. It can be a very emotional time, coupled with the additional stress of dealing with the legal responsibilities that follow after a person passes away.
In the UK, the process that follows is known as the probate process. Depending on how complex the estate is, this process can take several months to complete. In this blog, we will cover what you need to know about the probate process in the UK.
What is Probate?
Probate is basically the process that is followed by executors of an estate in order to distribute the assets of the deceased according to their will. It is a process of proving in court that the executor of the estate is authorised to deal with the assets in the estate.
However, not all estates require probate. If the estate is small and simple, it may be possible to bypass probate entirely. In order to decide whether probate is necessary, it is best to speak to a legal professional.
Applying for Probate
If probate is necessary, then an application for a grant of probate will need to be made. This is a legal document that gives an executor the authority to administer the estate. The grant of probate gives the executor the legal right to deal with all the assets in the estate, including those that are held jointly with another person.
In order to apply for the grant of probate, the executor will need to complete a probate application form and a number of other forms related to the estate. They will need to provide proof of the death and the will, as well as other documentation as required by the Probate Registry.
If the application is successful, the grant of probate will be issued. This can take up to several weeks to process. Once the grant of probate has been issued, the executor can then start paying any outstanding debts, taxes and distribute the remaining assets to the beneficiaries according to the will.
Beneficiaries and Inheritance Tax
Beneficiaries are the people who are named in the will to receive the assets from the estate. It is the executor’s responsibility to ensure that the beneficiaries receive their share of the estate. However, before any assets can be distributed, any outstanding debts and taxes must be paid first.
In the UK, inheritance tax may be due on any assets above a certain value. Currently, inheritance tax is payable on any assets worth over £325,000. If the estate is worth more than this amount, then the executor will need to pay inheritance tax before the assets can be distributed.
If the estate is worth less than £325,000, then no inheritance tax will be payable. There are also certain exemptions and reliefs that may apply if the assets are left to a spouse or charity.
Conclusion
The probate process can be complicated and stressful, especially for those who are dealing with it for the first time. However, with the help of a legal professional, the process can be made much easier.
Remember, not all estates require probate, so it’s best to speak to a legal professional and determine whether or not it is necessary. If probate is necessary, then the executor will need to make an application for a grant of probate before any assets can be distributed.
For more information on the probate process in the UK, check out GOV.UK’s guide on probate.