Grant of Probate

Losing a loved one is never easy. Beyond the emotional impact, you often face the unfamiliar task of administering their estate. If you've been named as an executor or administrator, you might need to go through the grant of probate process.

To manage a deceased person's estate, including accessing bank accounts, the executor needs legal authority. In England, Wales, and Northern Ireland this may require a grant of probate or a grant of letters of administration which empowers them to settle affairs and distribute assets.

A grant of probate may be required for executors, but exceptions exist for estates under £5,000 or jointly owned assets. To confirm requirements, executors should notify each institution holding assets of the death and provide a death certificate.

Luckily, SB Lawyers are here to help. We will walk you through the key steps from inheritance tax and probate fees to managing the estate itself.

What is a Grant of Representation?

A grant of representation whether a grant of Probate or a Grant of Letters of administration is a legal document issued by the Probate Registry. It serves as official confirmation of the legal authority to administer the deceased's estate.

In simpler terms, it's the official permission you may need to handle the deceased's assets, pay any outstanding debts, and distribute inheritances to the beneficiaries.

Why is a Grant of Probate Necessary?

Depending on value many banks, financial institutions, and other asset holders require a Grant of Probate before they will release funds or transfer ownership of assets.

This is to protect themselves from potential legal challenges and ensure they are dealing with the legally authorised individual. Without a Grant of Probate, you may encounter significant roadblocks in managing the estate effectively.

Do you need a probate solicitor?

• Expert guidance every step of the way.
• Save time and stress.
• Minimise your tax liabilities.
• No-nonsense legal advice.
• SRA regulated.

Contact SB Lawyers today for a confidential consultation. We're here to help.

029 2046 1480 help@sblawyers.co.uk

Applying for Probate: A Step-by-Step Guide

The process of applying for probate can be complex, but understanding the key steps involved can make it more manageable:

• 1

  Identifying the Executor or Administrator

  The deceased's will typically names the executor. If the deceased did not leave a will (intestacy), an administrator is appointed usually a close relative. who will be the deceased's closest relative Determining the correct individual to apply for probate is the crucial first step.

• 2

  Completing the probate application

  This is generally now done online but an Inheritance Tax Account might need to be completed and sent to HMRC before you do that

  • Inheritance Tax Account (IHT400): This declares the value of the estate for inheritance tax purposes and should be filled out if there's IHT to pay or if there's no IHT to pay but the estate does not qualify as an 'excepted estate'.

  Accurate completion of these forms is essential to avoid delays or rejection of your application.

• 3

  Valuing the Estate

  Accurately valuing all assets and liabilities of the estate is essential for inheritance tax (IHT) and the probate application itself.

  Assets include everything from property and bank accounts to investments, vehicles, and personal possessions. You'll also need to account for any outstanding debts.

  An inaccurate valuation can cause delays, penalties from HMRC, or even rejection of your application.

  For complex assets like businesses or property, professional valuations are often necessary.

• 4

  Paying Inheritance Tax (If Applicable)

  Inheritance Tax (IHT) is payable on estates that exceed a certain threshold (which could be between £325,000 and £1,000,000). The threshold and rules surrounding IHT can be found on the government website.

  The amount of IHT due depends on the total value of the estate, any available exemptions or reliefs (like Business Property Relief or Agricultural Property Relief), and rules for gifts made in the 7 years before death. It's important to understand the IHT rules and ensure any tax due is paid promptly to avoid penalties.

• 5

  Submitting the probate application

  Once you have valued the estate, submitted any IHT Return that is needed, paid any IHT due and completed the online application you can submit the application, pay the Court fee and send the Will to the Probate Registry.

Probate Fees: Understanding the costs

Probate Registry fees are set by the government and are currently set at £300. You can find the most up-to-date fee information on the GOV website.

The costs associated with probate can vary significantly depending on the complexity of the estate and whether you choose to use a solicitor. These determining factors include:

• The size and complexity of the estate.
• Whether there is a will.
• Whether there are any disputes.
• The amount of inheritance tax due.
• The level of professional assistance you require.

SB Lawyers' fees start from £1387.50 + VAT for a non-taxable estate and £1850 + VAT for an estate with a full Inheritance Tax service.

If you require a full estate service, our fees start at 0.15% of the overall estate's value.

When do you need a solicitor for probate?

While handling probate yourself is possible for very straightforward estates, certain situations make using a solicitor not just beneficial, but often essential. Consider instructing SB Lawyers if any of the following apply:

• Complex or high-value estates

  Estates involving significant assets, multiple properties, business interests, or overseas assets require specialised knowledge and meticulous handling. Incorrect valuation or tax calculations can have serious financial consequences.

• Inheritance Tax (IHT)

  Inheritance Tax rules, exemptions, and reliefs can be complex. A solicitor will ensure that you minimise your tax liability and help to avoid costly errors.

• Disputes or challenges to the Will

  If there's a possibility of a dispute regarding the will's validity, or if someone is contesting the will, legal representation may be crucial to protect your interests.

• Intestacy (no Will)

  Administering an estate where there is no will can be legally complicated, as specific rules determine who inherits. A solicitor can guide you through this process.

• Overseas beneficiaries

  Dealing with beneficiaries who live abroad adds another layer of complexity, as different legal jurisdictions may be involved.

• Time constraints

  The probate process can be surprisingly time-consuming for several reasons. Gathering all the necessary documentation, valuing assets, completing forms, and dealing with the Probate Registry and HMRC can take months, especially for complex estates. Delays can also arise due to backlogs at the Probate Registry and HMRC or if there are any disputes. If you are unable to dedicate the necessary time to manage these tasks effectively, a solicitor can handle the administrative burden, ensuring the process moves forward efficiently and minimizing delays.

• Emotional stress

  Dealing with probate while grieving can be incredibly stressful. A solicitor handles the legal and administrative tasks, allowing you to focus on your emotional well-being.

How long does probate take?

The time it takes to obtain a Grant of Probate can vary considerably depending on several factors, whether there is a valid will, whether the original will can be produced and the current processing times at the Probate Registry.

A straightforward probate application might take anywhere from several weeks to six months, but more complex cases can take considerably longer – sometimes a year or more.

Delays can also arise if there are disputes about the will or if the Inheritance Tax Return is complex. It's important to be prepared for a potentially lengthy process and to seek professional guidance if you are concerned about delays or have a particularly complex estate.