How Do You Obtain Probate and Is It Always Needed?

Managing the estate’s legal matters can exacerbate the already difficult time following a loved one’s death. Determining if probate is necessary is a crucial part of managing an estate. The legal procedure known as probate gives Personal Representatives (PRs) the authority to gather and allocate the estate’s assets in accordance with the testator’s wishes or the norms of intestacy. However, depending on the size and nature of the estate, probate may not always be required.

What is Probate?

The legal procedure known as probate validates the PRs’ power to administer and divide the estate’s assets. The executors designated in the will, if the deceased left one, file for a Grant of Probate. A beneficiary may petition for a Grant of Letters of Administration with the Will Annexed if there is no will or if the designated executors are incapable of carrying out their duties. Those qualified under the laws of intestacy may request a Grant of Letters of Administration in the event that there is no will at all.

How Do You Apply for a Grant of Probate?

Ascertaining if probate is required is a crucial step before submitting an application for a grant of probate. This mostly depends on the estate’s worth and the existence of an inheritance tax liability. Finding the estate’s value is the first stage because it will indicate whether inheritance tax is due. Inheritance taxes that are overdue must be settled before submitting an application for the grant since interest starts to accrue after six months.

Building societies, banks, and other financial organizations must be contacted by PRs in order to determine the estate’s value. You may decide to seek the assistance of a legal expert, depending on the intricacy of the estate and your comfort level with the procedure.

Is Probate Always Necessary?

Not every estate needs to be probated. Depending on the kind and value of the assets, probate may not be required. For example, if the dead owned property or bank accounts jointly with someone else, probate may not be required. These assets in such circumstances automatically go to the surviving owner.

Regardless of its value, however, if the dead owned property entirely in their name, probate will be necessary. Probate may also be required if the dead had sizeable savings or interests in their name. The amounts that banks and other financial institutions can release money without going through probate vary widely and are typically between £5,000 and £50,000.

It’s advisable to speak with a legal expert if you’re unclear if probate is necessary. Depending on your unique situation, the probate professionals at Rose & Rose can advise you on whether you need to file for probate.

Do You Need a Solicitor to Apply for Probate or Administer an Estate?

While it’s not legally necessary to work with a solicitor to manage an estate or file for probate, doing so can help you stay out of trouble. Probate proceedings can be drawn out and complicated, especially when there are contested wills, corporate interests, or international assets in the estate.

Errors committed during the probate procedure may result in severe repercussions, such as individual accountability for any financial missteps. It’s advisable to get professional assistance for the administration of the estate even if you want to petition for probate without a solicitor, particularly in situations where the estate is complex or there may be conflicts.

Upon obtaining the Grant of Probate, it is your own responsibility to see to it that the estate is properly distributed and the debts of the deceased are settled. If you distribute assets to beneficiaries before paying off debts, creditors may still hold you liable even though your culpability is limited to the amount of the deceased’s assets.

For further advice please get in touch with our team today by calling 020 8538 0182 or +44 7857 809932, or you can email us on [email protected].

Please note these blogs are to enhance your knowledge and are not tailored advice, for specific advice please get in touch with our outstanding team.