What is Probate and How Long Does It Take | Edwards Hoyle Solicitors
Dealing with a will can seem like a daunting task. However, this guide will help you navigate through the process and help you to find answers to some of the most common probate related questions. What is probate? How long does it take? Let’s find out!
Article Contents
1. What is probate?
2. Who can apply for a grant of probate?
3. How does the probate process work?
4. How long does the probate process take?
5. How much does probate cost?
6. What happens if the will or probate is contested?
7. Need more advice?
If you are named as an executor in someone’s Will, it is thereby your duty to carry out a probate application. However, it is your choice whether you wish to act upon this or not. This guide will answer any questions and walk you through the process of probate.
What is probate?
Probate is a legal document that gives you the authority to deal with someone’s estate (this includes their property, money and possessions).
It is extremely important not to make any financial plans or put the property on the market until the process is complete.
If the assets are worth less than £5,000 you don’t need to apply for probate.
Who can apply for a grant of probate?
The executor of the will is usually the individual who will apply for probate, however if there is no will, the closest next of kin can apply.
Up to four executors can be appointed for a will. However it is not legally necessary for all four executors to be involved.
How does the probate process work?
The probate process can last anywhere from 6 months up to a year, which tends to be more common. The process is usually as follows:
• Register the death – This needs to be completed within five days in England, Wales, and Northern Ireland. For Scotland this time is extended to eight days. You’ll then receive a death certificate, which will allow you to begin the probate process.
• Contact the relevant asset holders – Contact the relevant companies that the deceased dealt with such as their banks, insurance providers, pension companies and utility providers so any further charges can be stopped. Each asset holder will should be able to provide you with a valuation of the assets they hold. These will be important when dealing with income and inheritance tax.
• Apply for a grant of probate and inheritance tax forms – Both of these application forms can be found online. You will also need paper copies of certain documents, such as the Will. The Inheritance Tax form will need to be approved first before a grant of probate can be accepted.
• Pay the inheritance tax and any remaining debts – Before the estate can be distributed among beneficiaries, all remaining debts and inheritance tax must be paid first. An official copy of the Grant of Probate should be sent to any Asset Holders to request a release of the necessary funds, which can be used to pay debts such as household bills, funeral costs, tax bills and loans for example. If the deceased had life insurance, you can use the sum towards the inheritance tax also.
• Distributing the estate – Once all debts are paid, everything remaining can now be distributed among the beneficiaries, according to the wishes declared in the Will.
How long does the probate process take?
Probate can take anywhere between six months to twelve months. The average is usually around 12 months.
How much does the probate cost?
If over £5,000 the application fee is £273. If below £5,000 there is no fee to pay.
What happens if the will or probate is contested?
A caveat can be sent by the person contesting the will, which essentially is used to stop probate being issued, so the appropriate investigations can take place.
A letter will then be sent to the solicitor that drafted the will. Once all the appropriate evidence has been gathered, a formal letter of claim is sent, that sets out precisely how the will is being disputed and what solution is being sought. If a settlement cannot be reached between the two parties usually consider either court action or mediation.
If a case of contentious probate goes to civil court, there could be several possible outcomes. the judge may make one of the following decisions based on the evidence given:
• They could declare the will invalid and be in favour of an earlier made will.
• They could change the terms of the will.
• They may remove an executor or appoint a new one.
• They could decide that the Will is valid and that the executors should continue to administer the estate in accordance with it.