What is Probate?

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What does probate mean?

Probate is the process of administering someone’s estate after they have died. This means gathering in all their assets (bank accounts, savings, property, possessions etc.) and then distributing them according to the law and the will.

The person who undertakes the process of probate is called the executor of the will.

When is probate required?

Probate is required whenever someone dies and leaves a will. It doesn’t matter how much money has been left, or the value of the estate, probate will always need to be undertaken.

When is probate not required?

If you die without a will then you are considered to have died intestate. In this situation, probate is not required and the estate is passed on according to the intestacy law. This is likely to mean your assets are not divided how you might have chosen and is especially harsh on those with unmarried partners (who receive nothing).

Dying intestate is not recommended and it is far better that you have a will in place.

What is the probate process?

The probate process can be seen in five stages:

1 – Applying for probate

The person who wishes to be the executor of the will should apply for probate. This can be done online and costs £215 if the estate is valued at £5,000 or greater. There are no probate fees should the estate be of less than £5,000 value.

2 – Evaluate the estate

The next stage is to gather all the parts of the estate and understand its exact value. Property, bank accounts, savings, shares, possessions etc. are all countable and should be combined to determine the value of the estate.

3 – Pay inheritance tax

If the value of the estate exceeds the nil rate band (£325,000 in 2019) then there will be inheritance tax to pay.

For more information on inheritance tax, how to use life insurance in trust to help pay for it and how trust funds work, please read our articles:

What is Inheritance Tax and How Can Life Insurance Help?

Putting Your Life Insurance in Trust: How Trust Funds Work

4 – Pay debts

If the deceased left any bills or debts in their name, then they must be covered before the inheritance is passed to any heirs. In some situations, this may mean that any property may be at risk to cover the debts. It is advisable to contact any creditors to make alternative arrangements if it is desired that the house is not to be sold in probate – most are happy to consider offers.

5 – Divide the estate

Finally, the executor must divide the remaining estate to those heirs as named in the will. Once this is done, the process of probate is complete.

Someone close to me has died – do I need to apply for probate?

If you are an adult in the immediate family and you’re able and willing to administer the estate, then it would be reasonable for you to apply for probate. It is often important to avoid any conflict in this instance, so if you believe that someone else may be thinking of doing the same thing, you should communicate with them and come to an amicable arrangement.

Remember, you can get a solicitor involved at any part of the probate process should you run into difficulties or conflicts that you cannot resolve in any other way.

How can Quick Quote Protect help?

At Quick Quote Protect we are experts in life insurance and can help you with putting aside funds in trust to help with paying off inheritance tax and leaving money to loved ones that falls outside of the estate and is thus separate.

For more information, please fill in our short contact form or give us a call now to talk to one of our friendly and experienced advisors.