What is probate?
Probate is the process of handling a deceased person’s estate, ensuring their assets are distributed legally and according to their will (if one exists). It is managed by the executor named in the will.
In this world of officialdom, most estates require probate, particularly when assets such as property or bank accounts need to be transferred or sold.
What is a grant of probate?
A grant of probate is a legal document granted by the Probate Registry that gives the executor authority to manage and distribute a deceased person’s estate.
The grant gives the executor legal authority to settle debts, pay taxes, and legally and correctly distribute the remaining estate to beneficiaries. Financial institutions, such as banks, require this document before releasing funds or transferring assets.
As a named executor named in a will, it is your responsibility to obtain a grant of probate. You can handle this process on your own if you are comfortable, or you can engage a professional for a fee.
Why use a grant of probate service?
While you can register a death and apply for probate yourself, using a professional service offers many advantages. Carrying out the work yourself may seem worth it to save money, but it can be time-consuming and stressful. For full details, see the government guidelines.
Here are just a few reasons why professional help can make a big difference:
Minimise personal liability
As an executor, you must ensure the estate is distributed legally and accurately, and you are personally liable for any mistakes. A professional service ensures that the process is handled accurately, removing the risk of costly errors.
Expert handling of inheritance tax
The valuation figures provided by the executor are used for inheritance tax purposes, which can be complex if the estate is large. A professional will ensure that inheritance tax is calculated accurately and that you comply with HM Revenue guidelines.
Efficiency and time-saving
Probate can take months or even longer, from gathering all the relevant documents to completing the probate application form and liaising with the various institutions involved. A professional can speed things up, ensuring everything is done promptly and correctly.
Access to legal expertise
As an executor, you may encounter challenges, such as disputes over the will. Professional practitioners have the legal knowledge and expertise to deal with these challenges, providing peace of mind that everything is being handled according to the law.
Reduce family tensions
Wills can sometimes cause disagreements among family members, particularly if one person is both executor and beneficiary. A neutral, professional third party can help manage these sensitive situations, ensuring transparency and fairness.
What does probate entail?
Probate is a long and complex process that involves the following steps:
1. Value the estate
Before you can apply for probate, you need to value the deceased’s assets, including property, bank accounts, investments and personal belongings. Valuing the estate accurately is important as it will determine how much inheritance tax (if any) is due.
2. Complete the forms
The Probate Registry accepts online applications or paper applications. Whether you apply online or by paper, completing the forms requires time and attention to detail. If you’re applying online, the process is a bit quicker. You may have to pay probate fees using a credit or debit card.
3. Calculate inheritance tax
You need to submit inheritance tax forms (such as IHT400) before probate can be granted. Calculating the tax correctly is important, as mistakes can incur penalties. A professional will ensure your inheritance tax return is accurate and filed on time.
4. Distribute the assets
With the grant issued, the estate can be distributed according to the will. This means paying off any debts, covering funeral costs and making sure the beneficiaries get their inheritance. A professional will do this for you efficiently and keep detailed records to avoid future disputes.
Our probate services
At MW Legal, we partner with a professional estate administration service which specialises in probate applications.
Together, we offer three probate services to suit varying needs:
Grant Only Service
For executors who are comfortable handling most of the administration themselves, our Grant Only Service helps with probate application forms. We will ensure the application is submitted correctly, leaving the executor to manage the rest.
Enhanced Service
Our Enhanced Service includes the grant application and help with setting up any trusts or dealing with legal matters such as HM Land Registry requirements. This is if the estate involves complex assets like property or investments.
Full Estate Administration
For total peace of mind, our Full Estate Administration service takes care of everything, including probate application, asset distribution, and all legal and tax obligations. When using this service, we ask executors to give us power of attorney (just for the probate work). This way, our team takes on legal responsibility rather than the executor.
Whether you need a little help with a probate application form or full support throughout the probate process, MW Legal is here to offer a friendly, efficient and professional service you can rely on.
Why choose us?
When it comes to probate, you need a service that is efficient, reliable, and, above all, professional. At MW Legal, we are committed to providing high-quality probate services that remove the stress and complexity from the process.
We partner with estate practitioners that will guide you through every step, ensuring that everything is handled with care and attention to detail.
With our fixed-price probate services, you’ll know exactly what to expect—no hidden fees, no surprises. Contact us today for a no-obligation quote.
For more information or to get a fixed-price quotation, please call us at 01305 774786.
