What is Probate?

“Probate” is a shorthand term often used for the legal process central in settling a deceased person's estate, managing debts, and distributing assets to heirs or beneficiaries. This process is correctly known as Estate Administration, but often requires a Grant of Probate, which is where the shorthand “Probate” comes from.

A Grant of Probate itself is actually a type of certificate acquired from the UK court that allows a person named in a Will as an executor to begin managing the deceased person’s belongings ahead of distribution. A Grant of Probate is the name for this certificate where there is a Will with executors, but this certificate has other names such as a Grant of Letters of Administration where there is no Will, or a Grant of Letters of Administration with Will annexed where there is a Will with no valid executors. The umbrella term for these certificates is “Grant of Representation”.

Probate, or Estate Administration, is started by filing an application in probate court. To make this application, you need to have done the following:

1. Identified the most recent Will and checked it is valid;

2. Checked that you are applying for the correct type of Grant;

3. Identified all of the assets of the deceased person on the date they died (with formal valuations in some cases); and

4. Identified all of the liabilities of the deceased person on the date they died

If Inheritance Tax is due, this needs to be paid before the Court will give you the Probate certificate.

Despite its magnitude, Probate can be time-consuming, lasting months to years, influenced by factors like estate complexity and potential disputes amongst heirs.

Not all assets go through Probate; life insurance proceeds and designated beneficiaries in retirement accounts often bypass the process but it is important to check this with a professional before taking action.

Probate's notorious reputation for costliness and delay has led to the exploration of estate planning strategies, such as creating lifetime trusts or naming beneficiaries on accounts helps streamline asset transfers, reducing the impact of probate. However, these options often have very serious implications for tax (amongst other things) that, in most cases, outweigh the benefit of avoiding the probate process for the family and therefore it is always advisable to speak to a specialist solicitor before proceeding.

If you would like to discuss probate, or estate planning strategies linked to probate, please contact us on 0116 212 1000 to book an appointment with a specialist solicitor.

View all