By Chris Ringham 11 Oct, 2019 0 Comments

What Is The Probate Process In The UK?

What Is The Probate Process In The UK

Probate is the term used to describe the financial/legal processes involving the possessions, property and money of a person who has died. Before the next of kin or Executor of the person’s will can legally distribute, transfer, claim or sell any assets belonging to the deceased, they may have to apply for Probate.

Download the FREE Bowsers Guide To Probate today!

he process can involve a lot of complex legal work, which can be broken down into the following five phases:


1) Identification Of Assets

This involves highlighting any assets (investments, possessions, property) and liabilities (debts, including loans or unpaid bills). After assets and liabilities are taken into consideration, the value of the estate of the deceased can be determined.


2) Payment Of Inheritance Tax

If applicable, Probate requires the paying of Inheritance Tax to Her Majesty’s Revenue & Customs (HMRC). This requires the correct submission of an Inheritance Tax form, regardless of whether any tax is due. At this stage, the Executor will also need to apply to the Probate Registry for a Grant of Representation. This is an official document which confirms the legal authority to administer the estate.


3) Administration And Settling Further Tax

Once a Grant of Representation has been issued, the assets of the deceased are liquidated to settle liabilities, pay any of the Estate’s admin expenses and cover Income Tax or Capital Gains Tax owed by the estate.


4) Preparation Of Estate Account Documents

At this phase, accounts which document payments in and out of the Estate should be prepared. These should show any balance left to be distributed between beneficiaries of the Estate. Estate account documentation should be sent to each Personal Representative (including the Executor of the deceased’s Will) for approval by all parties.


5) Transferral Of Assets

Providing there have been no challenges to the Estate, or other complicating factors which prevent distribution, the final phase of Probate will begin. This involves the transferral of assets and distribution of funds to each beneficiary.

Probate can be a long and stressful process, particularly when family members are struggling with bereavement. Making errors during Probate can be costly and can delay the process of dividing assets and funds, which is why it’s important to have a solicitor you can trust to take care of the complex legal paperwork, disputes and other issues that can arise during this time.

If you’d like to know more about the Probate process, and how Bowsers can help, why not get in touch with us today? A member of our friendly and experienced team will be happy to assist with your queries.

The Bowsers Guide To Probate

Image Source: unsplash.com

Debt Recovery - the Importance of Background Checks

By Chris Ringham 09 Nov, 2020 0 Comments

Debt recovery can be a difficult and time-consuming process, and if you hire a dedicated debt recovery specialist it can become expensive too....

Continue reading

What is Stamp Duty?

By Chris Ringham 02 Nov, 2020 0 Comments

When buying a property, one of the terms that often causes confusion is Stamp Duty. Despite this, it is actually one of the easiest to explain....

Continue reading

When To Get A Pre-Nuptial Agreement To Protect Your Assets

By Chris Ringham 29 Oct, 2020 0 Comments

Getting married is a wonderful thing. But the reality of the matter is that statistics show nearly half of all marriages end in divorce, and that...

Continue reading

Six Things To Consider When Downsizing Your Home

By Chris Ringham 26 Oct, 2020 0 Comments

There are many motivating factors behind downsizing to a smaller property. Some older adults find that they simply have too much space once their...

Continue reading

Changes To Electrical Safety Standards In The Private Rented Sector

By Chris Ringham 21 Oct, 2020 0 Comments

It is fair to say that 2020 has been a roller-coaster year for everyone in the UK. The ongoing COVID-19 pandemic has proved a real challenge for...

Continue reading

When And How To Escalate A Boundary Dispute

By Chris Ringham 20 Oct, 2020 0 Comments

Knowing how to resolve boundary disputes can be difficult, as they can be a process fraught with high tensions and hostility. If you want to know...

Continue reading

Subscribe Here!

Guide To Boundary Disputes - Small CTA

Recent Posts

bowsers-debt-recovery-methods-guide
the-conveyancing-process-explained-guide