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What is probate and how is it granted?

19th November 2016 Print
Legal document

If you have recently lost a loved one, then probate is probably a term that you've heard a few times during this stressful and traumatic time. Obviously, as time goes on, the deceased's possessions, assets and debts will have to be sorted out and divided between those nominated in their will. If you've been nominated as the executor of this document, then you'll be more affected by probate than anyone else. But how does it impact you, and how does it work?

What is probate?

If you have been appointed an executor of a will, then you may, in some circumstances, have to apply for probate in order to start dividing the deceased's assets between those nominated to receive them. The type of estate that has been left will dictate whether probate is required or not.

If property has been left to a nominee, then probate will almost certainly need to be granted. 

Probate gives the nominated beneficiary the right to sell the property for any reason. However, this is usually done as a means of settling the deceased's debts. If no beneficiary of the property has been named, then probate will also give the executor of the will the right to sell and transfer the property. 

Companies like Probate Purchasers know that taking on an inherited property can be a drain on your finances and your time, but it is possible to sell a property in probate quickly to get a cash sum.

Is probate always required?

No. If there was not a valid will left, then the person looking to execute the will can apply for letters of administration. You can also undergo this process if the primary executors cannot or will not execute the will, or you have been left everything in the will. 

How is probate granted? 

You will have to apply for a Grant of Representation before you have the ability to distribute the assets in the will and take over the financial affairs of the deceased. You can do this by yourself or by hiring a solicitor to take care of the process for you.

To start the process, you will need to fill out the probate application form (PA1). Next, you will need to work out how much the estate is worth and whether any Inheritance Tax is payable on it. You will need to fill out an Inheritance Tax form, even if you think no tax is payable, because you may get a penalty if you provide inaccurate information. 

When all of this has been worked out, you will need to send your completed forms, a copy of the death certificate, the original will and three copies of it to the Probate Registry. If the estate is over £5,000, you will need to pay a £215 fee. 

Once the Probate Registry has received the documents, they will send you an oath to swear. The oath is used to confirm that all of the information you have provided is, to the best of your knowledge, accurate. You will then need to swear the oath at your solicitor's office or at a probate office. 

If your application is accepted, your grant will be posted to you, and then you can start distributing the assets.

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Legal document