What is Probate and what does it involve?

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When someone dies, you might be tasked with dealing with the estate that the deceased has left behind. This normally includes dealing with any outstanding debt and distributing assets as per instructions in their will.

When tasked with executing a will, there are certain rules on how to notify authorities and how to distribute the estate. The permission to do this is to apply for a grant of probate. The executor is the individual named in the will who takes the lead in carrying out the wishes of the deceased.

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How does it work?

Most people choose to appoint a professional to help them with this process. It could be vital if the estate is a complex one. Distributing a will involves informing banks, councils and HMRC of the death, settling any debts and totalling up any assets. Inheritance tax might be owed, in which case this will need to be paid before assets can be distributed. For Information about probate, visit a site like https://www.samconveyancing.co.uk/news/probate

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For most cases, a grant of probate will need to be applied for. However, in some situations it is not necessary. These include a deceased’s estate being worth less than £15,000 or if assets are held jointly with a surviving spouse, for example.

Thankfully, there is a lot of helpful information available online for people dealing with this process and also might be grieving at the same time. Probate checklists are available that break down each stage into manageable steps.

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