What is Probate?

The literal meaning of probate is to ‘prove’ the last will and testament as a genuine public document. Probate is required when someone passes away and is usually carried out by a probate lawyer.

Probate is also known as Grant of Probate in the UK. Moreover, executors named in a will are eligible to apply for the probate. By securing the grant of probate from the probate registry, the executors have full right to act in the administration of the estate.

Estate administration and wills and probate UK are usually confused with each other; however, probate is just a part of the wider estate administration process. This process involves carrying out all the deceased’s tax and legal affairs, which includes dealing with their property, personal possessions, shares, paying inheritance tax, debts and income tax, and transferring inheritance to the beneficiaries of the estate.

Do I need probate?

Probate is mostly required when the deceased owns assets like houses, buildings or land on their sole name. It is also needed by banks who require a Grant of Probate in order to release funds. The way in for obtaining probate varies between institutions and are subject to change but note that probate will likely not be needed if the assets were held jointly because in these cases, they automatically pass to the surviving spouse or civil partner.

What if the deceased did not leave any will?

In case there is no will from the deceased, a close relative can apply to deal with the estate at the Probate registry or can consult with Wills solicitors. Here the legal documents will be known as ‘Letters of Administration’ but will give the individual the same authority as a Grant of Probate. Allowing individuals to deal with the deceased’s estate, he or she will be known as the Administrator of the estate.

Moreover, if there are no friends or family to administer the estate, then a professional can be appointed after which the estate must then be administered under the rules of intestacy. As the representative is personally responsible for the just and correct distribution of the estate, it is crucial to track down any missing beneficiaries to make sure that the rightful heirs inherit the belongings of the deceased.

What is involved in obtaining Wills and Probate UK?

Completion of probate application:

In the UK, the probate application includes two things; PA1P, if there is a will or PA1A if there is no will. Additionally, an inheritance tax form may also be needed to submit to HMRC. Inheritance tax is payable on estates crossing £325,000 that are not being inherited to a civil partner, a spouse, charity or communities. If the estate is below this threshold, then reporting may be required.

Submission of application to the probate registry:

In the next step, all details need to be sent to the Probate registry. You can also apply online for probate if you have original will, death certificate and have reported the estate’s value. However, note that even after applying online, you must send your documents by post after the online submission.

Documentation for probate:

You need the following documents while applying for probate: –

1-     The original will and codicils. (codicils are minor adjustments to a will)

2-     Death certificate or interim death certificate from the coroner.

3-     Correct IHT form

Statement of truth:

During your application, you will be asked to complete and sign a compulsory statement of truth promising that you have been just and honest in your application for Probate. Note that failure to complete a statement or have errors within it could lead to significant delays and there are high chances that your application will be rejected.

How long does the application take?

The probate application can take up to 16 weeks in order to get approved. You can expect more waiting time if there are errors in the application or if the Probate Registry demands additional information. To avoid any delays, it’s best to get legal assistance from a probate solicitor and if you require someone to make a will then Wills writing solicitors London can best help you.

Do I need a Probate Solicitor to apply for Probate?

It is always recommended that one seeks professional legal advice from Probate solicitors London or Wills Solicitors, depending on the situation. When it comes to charges, a probate lawyer calculates their fees from a percentage of the estate value, which usually lies between 2% and 5% plus VAT and the probate fee. Other solicitors may charge an hourly fee.

Best Probate Solicitors London

When choosing a probate lawyer, look for experience and clarity. Here at Farani Taylor Solicitors we provide clear guidance and guarantee success of your application. Call us today to book a consultation with our probate solicitors London or visit our website to request a call back!