What is Probate and why is it necessary in the UK?
When somebody dies in the UK, it is important for their estate to be dealt with properly and in line with the law. This process is known as Probate, but what exactly is it and what does it involve? This is one of our most asked questions, so whether you are planning ahead, or currently facing the responsibility of managing a loved one’s estate, it can be helpful to have a general understanding of the process.
What is Probate?
The term “Probate” is often used to refer to the legal process of administering and settling a person’s estate when they die. The formal process is known as Estate Administration but because it is often necessary to obtain a Grant of Probate to do this, it is simplified to “Probate.”
A Grant of Probate is the name of the certificate that is issued by the Court, and which provides the necessary permissions and legal authority to start administering the estate.
A person’s estate is made up of all the assets they owned in their lifetime, for example their property, the money they had in the bank, their savings, and investments as well as their personal possessions.
What does the process involve?
The Probate process involves applying to the UK Court to confirm who has the authority to administer the estate. If the person made a valid Will before they died, then the person who can apply will be the named Executor. However, if they did not make a Will before they died, or if the Executor cannot act, then it becomes necessary to work out who is entitled to administer the estate, and this person is named as an Administrator. For the purposes of this article, we will use the term Personal Representative to cover both.
Why is it necessary?
Probate is necessary because it gives the Personal Representative the legal authority and permissions to manage and distribute a person’s estate after they have died. Even if that person made a Will, sometimes the banks, building societies and other financial institutions will not release the assets until a Grant of Probate has been obtained.
Having a Grant of Probate also makes sure that any debts or taxes are paid out of the estate first, allowing the rest of the estate to be passed on to the beneficiaries, i.e. the people who are entitled to inherit.
A practical benefit to Probate is that it provides clarity and therefore, it can help to avoid any disputes or disagreements.
Is Probate always required?
In most cases, before a Personal Representative can claim, transfer, sell or distribute any of the assets in the person’s estate, they will need a Grant of Probate as evidence of their right to do so. However, this is not always the case and not every estate will require Probate – it often depends on the specific types of assets in the estate as well as their values.
Therefore, it is always a good idea to contact a professional in the first instance to discuss the person’s estate and the likely steps and time scales involved, before taking any action.
If you would like to discuss Probate or Estate Planning and how we may be able to help, please give our friendly team a call on 0116 212 1000 or 01858 445 480 or complete our Contact Us form.
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