The Process of Probate

If nobody close to you has passed away, you probably don’t know anything about probate. Understandably, it’s one of those subjects that people tend to avoid. The only problem with this is that people who lose a loved one and get left to distribute their estate have no clue what to do. For this reason, consider glancing over the following blog so that you can gain a basic understanding of the process of probate.

a basic understanding of the process of probate. What is probate?

Probate is the process of dealing with a person’s estate after they have passed away. Having a Will makes it easier for the Executor to fulfill their role by referring to the document to honour the deceased last wishes and distribute the estate appropriately. Without a Will, the process of probate can be extremely lengthy. In this case, the courts will decide who gets what according to the rules of intestacy. If you’re given the responsibility to administer the estate of someone who has died, here is a brief overview of what you’ll need to do…

A simple guide to probate…

Register the death

Within 5 days, you’ll need to record the death by going to the register office in the area where the death happened.

Locate a Will

Within the first week, look for the Will. You’ll need it to decide how to distribute the estate and decipher what funeral arrangements they would like.

Apply for a grant of probate

After locating the Will, the instructed Executor can now apply for a ‘grant’. This means they have the right to access funds and share assets.

Close accounts

The Executor must reach out to all organisations the deceased had a relationship with and close accounts. This could be anything from utility companies, governing bodies to monthly subscriptions for tech devices or the gym. It’s important to stop ongoing payments and/or get back any money that is owed.

. Pay off debts

Before assets are distributed to beneficiaries, any debt must be identified and paid off if feasible. To reassure you, unless the deceased has joint debt, their individual debt will not be passed on to the family. Using the deceased estate, secured debt will be paid off first (mortgages), then funeral costs, then unsecured debt (credit cards/loans). If assets do not cover the debt, they will be written off.

Claim any life insurance

It’s important to check whether the deceased had any life insurance. If so, this lump sum can be used to pay any debt or cover ongoing financial commitments for the family. You may have to look through paperwork or emails to find policy information.

Value the estate

After taxes and debts are paid, assets will need to be valued. You should factor in property, savings, pensions, investments, businesses, life insurance, loans, trusts, contents of the home, and personal items.

Share out assets

After valuing the total estate (once debts and taxes are paid), the executor will need to share what’s left of the estate.

We hope this guide has been useful in explaining the process of probate. A key tip for those appointed an executor: be organised and work through each step above chronologically. Being an executor isn’t an easy task, especially if you are a family relative of the deceased. Though being prepared and knowing a little bit about probate does help.

If you have any questions about how the process of probate might differ when the deceased has no Will or perhaps has a Trust, please get in touch 01633 987072.