When a loved one passes away, dealing with their estate can be a daunting and emotional task. One of the key legal processes that may be required is probate. But what exactly is probate, and how do you know if you need it?

What is Probate?

Probate is the legal process of administering a deceased person’s estate, ensuring that their assets are distributed according to their will or, if no will exists, in line with intestacy laws. It involves collecting assets, settling debts, and distributing what remains to beneficiaries. In England and Wales, probate is granted through a legal document called a Grant of Probate (if there is a will) or Letters of Administration (if there is no will).

When is Probate Required?

Probate is often needed if the deceased owned property, significant assets, or had bank accounts above a certain threshold. However, whether you need probate depends on the type of assets involved and how they were owned. Here are some key factors:

• Property Ownership: If the deceased owned a house or land solely in their name, probate is usually required before it can be sold or transferred.
• Bank Accounts and Investments: Each financial institution sets its own limit for when probate is needed. If the account balance exceeds this limit, probate may be necessary to access funds.
• Joint Assets: If assets were held jointly with a surviving spouse or partner, they often pass automatically to the surviving owner without needing probate.
• Pensions and Life Insurance: Many pension funds and life insurance policies are paid directly to nominated beneficiaries, bypassing probate.

When Might Probate Not Be Needed?

• If the deceased had minimal assets, such as only a small bank balance below the financial institution’s probate threshold.
• If joint accounts or jointly owned property (held as joint tenants) exist, as they often transfer automatically to the surviving owner.

How to Apply for Probate

If probate is required, the executor named in the will (or the next of kin if there is no will) must apply for a Grant of Probate or Letters of Administration. This involves:

1. Gathering necessary documents – including the will, death certificate, and details of assets and debts.
2. Completing an Inheritance Tax return (if applicable) and submitting to HMRC.
3. Paying Inheritance Tax (if applicable) before probate is granted.
4. Submitting an application to the Probate Registry, including paying any relevant fees.
5. Administering the estate – ensuring debts are settled and assets are distributed correctly and dealing with any income tax matters for the estate with HMRC.

Seeking Legal Assistance

Navigating probate can be complex, particularly when dealing with high-value estates, disputes, or tax considerations. Seeking legal advice can help ensure the process is handled smoothly and in compliance with the law.

At Beers, our experienced probate solicitors can guide you through the process, offering tailored support and ensuring your loved one’s estate is managed effectively. If you’re unsure whether probate is needed or need help with an application, contact our friendly team today.

We have offices in Kingsbridge and Plymouth and are also happy to travel to see you at home should this be easier for you.

Get in touch with Beers for expert probate advice.

Kingsbridge: 01548 857000
Plymouth: 01752 246000
email info@beersllp.com.