How Do I Know If I Need To Apply To Probate?

Introduction

Probate is the legal process of administering a person’s estate after they have passed away. The purpose of probate is to ensure that the deceased person’s assets are distributed according to their will or, if they did not leave a will, according to the laws of intestacy. In the United Kingdom, probate is overseen by the Probate Registry, which is a division of the courts system. One of the common questions that people have about probate is how to determine if they need to apply for it. In this article, we will explore the factors that determine whether probate is necessary and provide an overview of the process for applying for probate.

Assets That Require Probate

Probate is typically required when the deceased person left behind assets that need to be distributed among their beneficiaries. These assets could include property, bank accounts, investments, and other possessions. However, not all assets require probate. The following assets typically do not require probate:

• Assets that are held jointly with another person: These assets will automatically pass to the surviving joint owner.
• Assets that are in a trust: These assets are governed by the terms of the trust and do not need to go through probate.
• Assets with a named beneficiary: Some assets, such as life insurance policies or pension plans, have a named beneficiary who will automatically receive the assets upon the death of the policyholder or plan holder.
• Small estates: The threshold for small estates varies depending on the type of assets, but generally, if the estate is below a certain value, probate may not be required.

Determining if Probate is Necessary

To determine if probate is necessary, you will need to gather information about the assets and liabilities of the deceased person at the time of their death. This includes a list of all property, bank accounts, investments, and other possessions, as well as any debts or taxes that need to be paid. Once you have this information, you can determine which assets require probate and which do not.

If you are unsure whether probate is necessary, it’s a good idea to consult with a probate lawyer. They can review the estate and provide guidance on whether probate is required and, if so, what steps you need to take to obtain a grant of probate.

Applying for Probate

If probate is necessary, the next step is to apply for a grant of probate from the Probate Registry. The process of applying for probate involves the following steps:

• Appointing executors: If the deceased person left a will, it will typically name the executors who will be responsible for administering the estate. If there is no will, the court will appoint an administrator to handle the estate. Gathering required documents: You will need to gather and submit the original will, a death certificate, and an inventory of the assets and liabilities of the deceased person.
• Paying a fee: You will also need to pay a fee to the Probate Registry when submitting the application.
• Review and investigation: The Probate Registry will review the documents and conduct a thorough investigation to ensure that the will is valid and that the executors have the legal authority to distribute the assets.
• Issuing a grant of probate: If the Probate Registry is satisfied with the application, it will issue a grant of probate to the executors.

Conclusion

Probate is the legal process of administering a person’s estate after they have passed away. The purpose of probate is to ensure that the deceased person’s assets are distributed according to their will or, if they did not leave a will, according to the laws of intestacy. In the United Kingdom, probate is overseen by the Probate Registry.

To determine if probate is necessary, you will need to gather information about the assets and liabilities of the deceased person at the time of their death, and then determine which assets require probate and which do not. Assets that are held jointly with another person, assets that are in a trust, assets with a named beneficiary and small estates typically do not require probate. However, if probate is necessary, the next step is to apply for a grant of probate from the Probate Registry. The process of applying for probate involves gathering required documents, paying a fee. If the Probate Registry is satisfied with the application, it will issue a grant of probate to the executors.

It is important to note that obtaining a grant of probate can be a complex process and it is recommended to seek the help of a probate lawyer or professional executor for guidance. It’s important to be aware of the time frame and the possibility of a simplified probate process.