Being asked to act as an executor is often seen as an honour, but it comes with real responsibility at a time when you may also be grieving. If you’ve never dealt with probate before, the process can feel overwhelming, particularly when you’re trying to work out what needs to happen, and in what order. This guide walks through the main stages so you know what to expect.
What is probate?
Probate is the legal process of dealing with someone’s estate after they’ve died: collecting their assets, paying any debts and tax due, and distributing what remains to the people entitled to it. Where the person left a valid will, the executors named in it apply for a grant of probate. Where there’s no will, the process is slightly different, and the person dealing with the estate, usually a close relative, applies for a grant of letters of administration instead.
Step 1: Registering the death and gathering information
Before anything else can happen, the death needs to be registered, and you’ll need to notify various organisations, banks, pension providers and HMRC among them, to begin building a picture of the estate. This stage often involves a good deal of paperwork: bank statements, property deeds, investment certificates and details of any debts.
Step 2: Valuing the estate
Every asset and liability needs to be valued as at the date of death: property, savings, investments, personal possessions, and any debts owed. This valuation is needed to work out whether Inheritance Tax is payable, and if so, how much.
Step 3: Applying for the grant of probate
Once the estate has been valued and any Inheritance Tax position established, the executor applies to the Probate Registry for the grant. This is the official document confirming the executor’s legal authority to deal with the estate. Banks and other institutions will usually want to see it before releasing funds.
Step 4: Collecting in the assets and paying debts
With the grant in hand, the executor can close accounts, sell or transfer property and investments, and settle outstanding debts and any Inheritance Tax due. This stage can take some time, particularly where a property needs to be sold or where assets are held in several different places.
Step 5: Distributing the estate
Once debts, tax and administration costs have been paid, the remaining estate is distributed to the beneficiaries in line with the will, or the intestacy rules if there wasn’t one. Executors usually wait at least six months from the date of the grant before making final distributions, to allow time for any claims against the estate to come forward.
How long does probate take?
Every estate is different, but a straightforward estate often takes six to twelve months from start to finish. More complex estates, involving a property sale, business interests, or assets abroad, can take considerably longer.
Frequently Asked Questions About The Probate Process
Do I have to use a solicitor to deal with probate?
No, executors can apply for probate themselves. Many people choose to instruct a solicitor, though, particularly where the estate is high in value, involves a property, or the executor doesn’t feel confident handling the legal and financial responsibilities alone.
What happens if there’s no will?
Where someone dies without a valid will, the estate is distributed according to the intestacy rules, and the person dealing with the estate applies for letters of administration rather than a grant of probate. The intestacy rules don’t always reflect what someone would have wanted, which is one reason having a will matters.
Can an executor be held personally liable for mistakes?
Yes, in certain circumstances. Executors have legal duties to act in the estate’s best interests and can be held personally responsible if they distribute assets incorrectly, for example before settling a valid debt or without properly advertising for unknown creditors.
Is Inheritance Tax always payable?
No. Most estates in the UK don’t pay Inheritance Tax, largely because of the available nil-rate band allowances. Whether tax is due depends on the size of the estate and how it’s structured, so it’s worth getting this checked early in the process.
How Oliver & Co Solicitors Can Help
Dealing with probate alongside grief and everyday life isn’t easy, and getting it wrong can leave executors personally liable for mistakes. Our Wills, Trusts and Probate team can handle the process for you from start to finish, or simply support you with the parts you find most difficult. Contact us today on 01244 312306, email law@oliverandco.co.uk or complete our Contact Form and we’ll be happy to help.
