What Is Probate?
Probate is the term, typically given to the legal administration process following someone’s death and involves settling any outstanding liabilities and the distribution of an estate to entitled beneficiaries. It is occasionally referred to as ‘administering the estate’. There are many factors to consider during the process which can be complicated, and in certain cases can take up to six months to complete. However we can and will provide expert advice throughout all stages of the process.
On this page is a brief overview of information regarding the processes involved with attaining probate and what to expect if a your relative’s estate is in probate. Probate is a technical process and it should be administered by experienced legal professionals such as ourselves.
If you have any questions about Probate, Practical Probate are here to help you. Please either call us today on 0800 907 8694 or complete the free enquiry form on the right hand side of this page ».
What to expect during the probate process
In order to have probate granted you must register your application at the probate office.
The steps taken for probate to be granted include:
- Inheritance tax must be paid. The threshold for liability of inheritance tax is currently £325k for an individual and £650k for a married couple. If the sum is above the threshold inheritance tax will be due for the amount over the threshold. For example a £350,000 of inheritance, only £25,000 would be taxed at 40%
- There must be enough capital to pay for the funeral of the deceased.
- Legal expenses must be covered. The legal representation of who is administering the estate will be deducted from assets prior to distribution of the will.
- Personal liabilities must be met , i.e. outstanding debts including utility bills, phones bills, credits cards and interest agreements.
- All creditors must be notified and legal notification publicised.
- Property may need to be sold to correct distribution of assets or to settle debts.
- Other assets may need to be transferred to beneficiaries.
- Pending lawsuits for the deceased may require separate procedures.
- Objections to claims against the estate within timeframe’s need to be processed.
Your Probate Questions Answered
Please either call us now on 0808 223 9012 or complete a Free Online Enquiry and we will be delighted to answer your probate questions, free of charge and without obligation.